| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11111 |
| DP11111 How Excessive Is Banks' Maturity Transformation? | |
| Javier Suarez; Anatoli Segura | |
| 发表日期 | 2016-02-14 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We quantify the gains from regulating maturity transformation in a model of banks which finance long-term assets with non-tradable debt. Banks choose the amount and maturity of their debt trading off investors' preference for short maturities with the risk of systemic crises. Pecuniary externalities make unregulated debt maturities inefficiently short. The calibration of the model to Eurozone banking data for 2006 yields that lengthening the average maturity of wholesale debt from its 2.8 months to 3.3 months would produce welfare gains with a present value of euro 105 billion, while the lengthening induced by the NSRF would be too drastic. |
| 主题 | Financial Economics |
| 关键词 | Liquidity risk Maturity regulation Pecuniary externalities Systemic crises |
| URL | https://cepr.org/publications/dp11111 |
| 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/539931 |
| 推荐引用方式 GB/T 7714 | Javier Suarez,Anatoli Segura. DP11111 How Excessive Is Banks' Maturity Transformation?. 2016. |
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