| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25277 |
| 来源ID | Working Paper 25277 |
| Foreseen Risks | |
| João F. Gomes; Marco Grotteria; Jessica Wachter | |
| 发表日期 | 2018-11-19 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Large crises tend to follow rapid credit expansions. Causality, however, is far from obvious. We show how this pattern arises naturally when financial intermediaries optimally exploit economic rents that drive their franchise value. As this franchise value fluctuates over the business cycle, so too do the incentives to engage in risky lending. The model leads to novel insights on the effects of unconventional monetary policies in developed economies. We argue that bank lending might have responded less than expected to these interventions because they enhanced franchise value, inadvertently encouraging banks to pursue safer investments in low-risk government securities. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w25277 |
| 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/582951 |
| 推荐引用方式 GB/T 7714 | João F. Gomes,Marco Grotteria,Jessica Wachter. Foreseen Risks. 2018. |
| 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 | ||
| w25277.pdf（850KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
