| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8851 |
| DP8851 The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle | |
| Viral Acharya | |
| 发表日期 | 2012-02-23 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We examine how the banking sector may ignite the formation of asset price bubbles when there is access to abundant liquidity. Inside banks, to induce effort, loan officers are compensated based on the volume of loans. Volumebased compensation also induces greater risk-taking; however, due to lack of commitment, loan officers are penalized ex post only if banks suffer a high enough liquidity shortfall. Outside banks, when there is heightened macroeconomic risk, investors reduce direct investment and hold more bank deposits. This ?flight to quality? leaves banks flush with liquidity, lowering the sensitivity of bankers? payoffs to downside risks and inducing excessive credit volume and asset price bubbles. The seeds of a crisis are thus sown. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Bubbles Flight to quality Moral hazard |
| URL | https://cepr.org/publications/dp8851 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537696 |
| 推荐引用方式 GB/T 7714 | Viral Acharya. DP8851 The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle. 2012. |
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