G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w17909
来源IDWorking Paper 17909
Financial Regulation in General Equilibrium
Charles A.E. Goodhart; Anil K. Kashyap; Dimitrios P. Tsomocos; Alexandros P. Vardoulakis
发表日期2012-03-09
出版年2012
语种英语
摘要This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a "shadow banking system" that each help households finance their expenditures. Households sometimes choose to default on their loans, and when they do this triggers forced selling by the shadow banks. Because the forced selling comes when net worth of potential buyers is low, the ensuing price dynamics can be described as a fire sale. The proposed framework can assess five different policy options that officials have advocated for combating defaults, credit crunches and fire sales, namely: limits on loan to value ratios, capital requirements for banks, liquidity coverage ratios for banks, dynamic loan loss provisioning for banks, and margin requirements on repurchase agreements used by shadow banks. The paper aims to develop some general intuition about the interactions between the tools and to determine whether they act as complements and substitutes.
主题Financial Economics ; Corporate Finance ; Industrial Organization ; Regulatory Economics
URLhttps://www.nber.org/papers/w17909
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575585
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GB/T 7714
Charles A.E. Goodhart,Anil K. Kashyap,Dimitrios P. Tsomocos,et al. Financial Regulation in General Equilibrium. 2012.
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