| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10015 |
| DP10015 The Global Financial Crisis?What Drove The Build-Up? | |
| Ouarda Merrouche; Erlend Nier | |
| 发表日期 | 2014-06-01 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper investigates empirically three potential drivers of financial imbalances ahead of the global financial crisis: rising global imbalances (capital flows); loose monetary policy; and inadequate supervision and regulation. We perform panel data regressions for OECD countries from 1999 to 2007 to explore the relative importance of these factors, as well as the extent to which they might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up was amplified where the supervisory and regulatory environment was relatively weak. In contrast, differences in monetary policy did not significantly affect differences across countries in the build-up of financial imbalances ahead of the crisis. |
| 主题 | Financial Economics |
| 关键词 | Global imbalances monetary policy Supervision and regulation |
| URL | https://cepr.org/publications/dp10015 |
| 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/538844 |
| 推荐引用方式 GB/T 7714 | Ouarda Merrouche,Erlend Nier. DP10015 The Global Financial Crisis?What Drove The Build-Up?. 2014. |
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