| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27721 |
| 来源ID | Working Paper 27721 |
| Interbank Networks in the Shadows of the Federal Reserve Act | |
| Haelim Anderson; Selman Erol; Guillermo Ordoñez | |
| 发表日期 | 2020-08-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Central banks provide public liquidity to traditional (regulated) banks with the intention of stabilizing the financial system. Shadow banks are not regulated, yet they indirectly access such liquidity through the interbank system. We build a model that shows how public liquidity provision may change the linkages between traditional and shadow banks, increasing systemic risk through three channels: reducing aggregate liquidity, expanding fragile short-term borrowing, and crowding out of private cross-bank insurance. We show that the creation of the Federal Reserve System and the provision of public liquidity changed the structure and nature of the U.S. interbank network in ways that are consistent with the model and its implications. We provide empirical evidence by constructing unique data on balance sheets and detailed disaggregated information on payments and funding connections in Virginia. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Macroeconomics ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; History ; Financial History |
| URL | https://www.nber.org/papers/w27721 |
| 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/585393 |
| 推荐引用方式 GB/T 7714 | Haelim Anderson,Selman Erol,Guillermo Ordoñez. Interbank Networks in the Shadows of the Federal Reserve Act. 2020. |
| 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 | ||
| w27721.pdf（1268KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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