G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8851
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
URLhttps://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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