Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w15425 |
来源ID | Working Paper 15425 |
FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective | |
Guillermo A. Calvo | |
发表日期 | 2009-10-13 |
出版年 | 2009 |
语种 | 英语 |
摘要 | This note is motivated by trying to understand the macroeconomic implications of assuming that periods of financial bonanza and turmoil are driven by financial innovation and collapse in line with the "bank run" literature of the Diamond-Dybvig (1983) variety. Bypassing a host of important but, for the present purposes, secondary details the note assumes that the initial effects of financial innovation and crash can be summarized by a parameter that determines the "liquidity" or "moneyness" of land or capital. This simplification helps to shed light on some issues that are at the center of the policy debate. In particular, one can show that preventing price deflation is not enough to offset asset meltdown. Furthermore, lower policy interest rates increase asset prices and steady-state output which, however, gets reversed as liquidity is destroyed. An interesting result is that, in the neighborhood of a first-best capital allocation, an increase in the moneyness of capital may lower the welfare of the representative individual, even if the higher liquidity of capital is sustainable and, hence, not destroyed by future crash. Moreover, an extension of the basic model supports the conjecture that low policy interest rates may have given incentives to the development of "shadow banking." |
主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics ; Financial Economics ; Financial Institutions |
URL | https://www.nber.org/papers/w15425 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573101 |
推荐引用方式 GB/T 7714 | Guillermo A. Calvo. FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective. 2009. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w15425.pdf(177KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Guillermo A. Calvo]的文章 |
百度学术 |
百度学术中相似的文章 |
[Guillermo A. Calvo]的文章 |
必应学术 |
必应学术中相似的文章 |
[Guillermo A. Calvo]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。