| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13834 |
| DP13834 Externalities and financial crisis - enough to cause collapse? | |
| Marcus Miller; Lei Zhang | |
| 发表日期 | 2019-07-01 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | After the boom in US subprime lending came the bust - with a run on US shadow banks. The magnitude of boom and bust were, it seems, amplified by two significant externalities triggered by aggregate shocks: the endogeneity of bank equity due to mark-to-market accounting and of bank liquidity due to ‘fire-sales’ of securitised assets. We show how adding a systemic ‘bank run’ to the canonical model of Adrian and Shin allows for a tractable analytical treatment - including the counterfactual of complete collapse that forces the Treasury and the Fed to intervene. |
| 主题 | Financial Economics |
| 关键词 | Cross-border banking Pecuniary externalities Bank runs Illiquidity Lender of last resort |
| URL | https://cepr.org/publications/dp13834 |
| 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/542709 |
| 推荐引用方式 GB/T 7714 | Marcus Miller,Lei Zhang. DP13834 Externalities and financial crisis - enough to cause collapse?. 2019. |
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