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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP15485 |
DP15485 Choosing the narrative? The shadow banking crisis in light of Covid | |
Marcus Miller | |
发表日期 | 2020-11-23 |
出版年 | 2020 |
语种 | 英语 |
摘要 | Could experiencing a health pandemic aid in understanding the nature of financial crisis? It might, for example, help to discriminate between different narratives that claim to do so. In this spirit, two influential accounts of the near-collapse of shadow banking in US financial crisis of 2008 are analysed: one developed by Mark Gertler and Nobuhiro Kiyotaki and the other presented by the Financial Crisis Inquiry Commission of the US Congress. Using a common two-sector framework, key features of these contrasting accounts of the market for banking services are presented, along with their corresponding diagnoses of what precipitated financial crisis. To see what the experience of Covid might imply about their relative credibility, four aspects of the current pandemic are considered: how it began from a small biological shock; how it gets spread by contagion; the significance of externalities; and how it may end with a vaccine. But the reader is left to form his or her own judgement. |
主题 | Financial Economics |
关键词 | Shadow banking Rating agencies Equity constraints Technology and news shocks Bank runs Epidemic contagion Social contagion |
URL | https://cepr.org/publications/dp15485 |
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/544481 |
推荐引用方式 GB/T 7714 | Marcus Miller. DP15485 Choosing the narrative? The shadow banking crisis in light of Covid. 2020. |
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