| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21880 |
| 来源ID | Working Paper 21880 |
| Liquidity Rules and Credit Booms | |
| Kinda Cheryl Hachem; Zheng Michael Song | |
| 发表日期 | 2016-01-18 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper shows that liquidity regulation can trigger unintended credit booms in the presence of interbank market power. We consider a price-setter and a continuum of price-takers who trade reserves after the realization of idiosyncratic liquidity shocks. The price-takers are endogenously less liquid and circumvent regulation by engaging in shadow banking, which leads to a reallocation of funding away from the more liquid price-setter. This reallocation channel underlies the credit boom. Endogenous responses in bank liquidity ratios also affect the magnitude of the boom. We discuss extensions of the model and illustrate its quantitative performance with an application to China. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w21880 |
| 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/579555 |
| 推荐引用方式 GB/T 7714 | Kinda Cheryl Hachem,Zheng Michael Song. Liquidity Rules and Credit Booms. 2016. |
| 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 | ||
| w21880.pdf（999KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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