| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10964 |
| DP10964 Financial Intermediation, Capital Accumulation, and Recovery | |
| Jean Charles Rochet; Hans Gersbach; Martin Scheffel | |
| 发表日期 | 2015-11-29 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper integrates a simple model of banks into a two-sector neoclassical growth model. The integration yields an analytically tractable framework with two coupled accumulation rules for household capital and bank equity. We analyze steady state properties, transition and recovery patterns, as well as policies to accelerate recoveries. After establishing existence, uniqueness and global stability of the steady state, we identify in particular five key results and predictions, and we provide a quantitative assessment. First, larger financial frictions in financial intermediation may increase banker wealth although total capital is depressed. Second, negative shocks to bank equity cause considerably larger downturns than comparable shocks to household wealth, but their persistence is similar. Third, temporary worsening of shocks to financial frictions (called "trust shocks") induces divergent reactions of household wealth and bank equity, causes a boom in the banking sector, and possibly in the economy ? after an initial bust. Fourth, the model replicates typical patterns of financing over the business cycle: procyclical bank leverage, procyclical bank lending, and counter-cyclical bond financing. Finally, a combination of bailouts and dividend-payout-restrictions ensures a rapid build-up of bank equity after a slump in the banking sector and increases total production. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Banking crises Business cycles Bust-boom cycles Capital accumulation Financial intermediation Macroeconomic shocks Recovery policies |
| URL | https://cepr.org/publications/dp10964 |
| 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/539793 |
| 推荐引用方式 GB/T 7714 | Jean Charles Rochet,Hans Gersbach,Martin Scheffel. DP10964 Financial Intermediation, Capital Accumulation, and Recovery. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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