| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13144 |
| DP13144 Retirement in the Shadow (Banking) | |
| Guillermo Ordoñez; Facundo Piguillem | |
| 发表日期 | 2018-08-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The U.S. economy has recently experienced a large increase in life expectancy and in shadow banking activities. We argue that these two phenomena are intimately related. Agents rely on financial intermediaries to insure consumption during their uncertain life spans after retirement. When they expect to live longer, they rely more heavily on financial intermediaries that are riskier but offer better insurance terms – including shadow banks. We calibrate the model to replicate the level of financial intermediation in 1980, introduce the observed change in life expectancy and show that the demographic transition is critical in accounting for the boom in both shadow banking and credit that preceded the recent U.S. financial crisis. We compare the U.S. experience with a counterfactual without shadow banks and show that they may have contributed around 0.6GDP to output, four times larger than the estimated costs of the crisis. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Shadow banking Ageing population Financial crisis |
| URL | https://cepr.org/publications/dp13144 |
| 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/541947 |
| 推荐引用方式 GB/T 7714 | Guillermo Ordoñez,Facundo Piguillem. DP13144 Retirement in the Shadow (Banking). 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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