| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23359 |
| 来源ID | Working Paper 23359 |
| Financial Integration and Liquidity Crises | |
| Fabio Castiglionesi; Fabio Feriozzi; Guido Lorenzoni | |
| 发表日期 | 2017-05-01 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The paper analyzes the effects of financial integration on the stability of the banking system. Financial integration allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a world interbank market. We show under which conditions financial integration induces banks to reduce their liquidity holdings and to shift their portfolios towards more profitable but less liquid investments. Integration helps reallocate liquidity when different banks are hit by uncorrelated shocks. However, when a correlated (systemic) shock hits, the total liquid resources in the banking system are lower than in autarky. Therefore, financial integration leads to more stable interbank interest rates in normal times, but to larger interest rate spikes in crises. These results hold in a setup where financial integration is welfare improving from an ex ante point of view. We also look at the model's implications for financial regulation and show that, in a second-best world, financial integration can increase the welfare benefits of liquidity requirements. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w23359 |
| 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/581033 |
| 推荐引用方式 GB/T 7714 | Fabio Castiglionesi,Fabio Feriozzi,Guido Lorenzoni. Financial Integration and Liquidity Crises. 2017. |
| 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 | ||
| w23359.pdf（581KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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