| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20335 |
| 来源ID | Working Paper 20335 |
| The Macroeconomics of Shadow Banking | |
| Alan Moreira; Alexi Savov | |
| 发表日期 | 2014-07-24 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We build a macroeconomic model that centers on liquidity transformation in the financial sector. Intermediaries maximize liquidity creation by issuing securities that are money-like in normal times but become illiquid in a crash when collateral is scarce. We call this process shadow banking. A rise in uncertainty raises demand for crash-proof liquidity, forcing intermediaries to delever and substitute toward safe, collateral- intensive liabilities. Shadow banking shrinks, causing the liquidity supply to contract, discount rates and collateral premia spike, prices and investment fall. The model produces slow recoveries, collateral runs, and flight to quality and it provides a framework for analyzing unconventional monetary policy and regulatory reform proposals. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w20335 |
| 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/578008 |
| 推荐引用方式 GB/T 7714 | Alan Moreira,Alexi Savov. The Macroeconomics of Shadow Banking. 2014. |
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