| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9077 |
| DP9077 Capital Regulation and Credit Fluctuations | |
| Jean Charles Rochet; Hans Gersbach | |
| 发表日期 | 2012-08-05 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We provide a rationale for imposing counter-cyclical capital ratios on banks. In our simple model, bankers cannot pledge the entire future revenues to investors, which limits borrowing in good and bad times. Complete markets do not sufficiently stabilize credit fluctuations, as banks allocate too much borrowing capacity to good states and too little to bad states. As a consequence, bank credit, output, capital prices or wages are excessively volatile. Imposing a (stricter) capital ratio in good states corrects the misallocation of the borrowing capacity, increases expected output and can be beneficial to all agents in the economy. Although in our economy, all agents are risk-neutral, counter-cyclical capital ratios are an effective stabilization tool. To ensure this effectiveness, capital ratios have to be based on ex ante equity capital, as classical capital ratios can be bypassed. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Complete markets Credit fluctuations Macroprudential regulation Misallocation of borrowing capacity |
| URL | https://cepr.org/publications/dp9077 |
| 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/537910 |
| 推荐引用方式 GB/T 7714 | Jean Charles Rochet,Hans Gersbach. DP9077 Capital Regulation and Credit Fluctuations. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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