| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29680 |
| 来源ID | Working Paper 29680 |
| Liquidity, Liquidity Everywhere, Not a Drop to Use - Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity | |
| Viral V. Acharya; Raghuram Rajan | |
| 发表日期 | 2022-01-24 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Central bank balance sheet expansion is financed by commercial banks. It involves not just a substitution of liquid central bank reserves for other assets held by commercial banks, but also a counterpart increase in commercial bank liabilities, such as short-term deposits issued to finance reserves. Banks typically also write a variety of other claims on reserve holdings. Normally, central bank balance sheet expansion will enhance the net future availability of liquidity to the system. However, in episodes of stress when a large fraction of claims on liquidity are exercised, the demand for liquidity can be significantly greater than the availability of reserves. Furthermore, at such times some liquid commercial banks may hoard reserves to bolster their own prospects, contributing significantly to liquidity shortages. Therefore, because central bank balance sheet expansion operates through commercial bank balance sheets, it need not eliminate future episodes of liquidity stress, it may even exacerbate them. This may also attenuate any positive effects of central bank balance sheet expansion on economic activity. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w29680 |
| 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/587354 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Raghuram Rajan. Liquidity, Liquidity Everywhere, Not a Drop to Use - Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity. 2022. |
| 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 | ||
| w29680.pdf（622KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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