| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16907
|
| DP16907 Liquidity, liquidity everywhere, not a drop to use - Why flooding banks with central bank reserves may not expand liquidity |
| Viral Acharya; Raghuram Rajan
|
| 发表日期 | 2022-04-27
|
| 出版年 | 2022
|
| 语种 | 英语
|
| 摘要 | Central bank balance sheet expansion is financed by commercial banks. It involves not just a substitution of liquid central bank reserves for other assets held by commercial banks, but also a counterpart increase in commercial bank liabilities, such as short-term deposits issued to finance reserves. Banks typically also write a variety of other claims on reserve holdings. Normally, central bank balance sheet expansion will enhance the net future availability of liquidity to the system. However, in episodes of stress when a large fraction of claims on liquidity are exercised, the demand for liquidity can be significantly greater than the availability of reserves. Furthermore, at such times some liquid commercial banks may hoard reserves to bolster their own prospects, contributing significantly to liquidity shortages. Therefore, because central bank balance sheet expansion operates through commercial bank balance sheets, it need not eliminate future episodes of liquidity stress, it may even exacerbate them. This may also attenuate any positive effects of central bank balance sheet expansion on economic activity. |
| 主题 | Financial Economics
; Monetary Economics and Fluctuations
|
| 关键词 | Quantitative easing
Central bank balance sheet
Financial stability
Repo rate spike
Liquidity hoarding
Liquidity dependence
Margin requirements
Capital requirements
|
| URL | https://cepr.org/publications/dp16907-1
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546272
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推荐引用方式
GB/T 7714 |
Viral Acharya,Raghuram Rajan. DP16907 Liquidity, liquidity everywhere, not a drop to use - Why flooding banks with central bank reserves may not expand liquidity. 2022.
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