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Does prolonged monetary policy easing increase financial vulnerability? /
Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find that the leverage ratio, as well as other measures of firm-level vulnerability, increa...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2017.
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| Colección: | IMF working paper ;
WP/17/65. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Cecchetti, Stephen G. |q (Stephen Giovanni), |e author. | |
| 245 | 1 | 0 | |a Does prolonged monetary policy easing increase financial vulnerability? / |c by Stephen Cecchetti, Tommaso Mancini-Briffoli, and Machiko Narita. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c 2017. | ||
| 300 | |a 1 online resource (32 pages) | ||
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| 490 | 1 | |a IMF Working Papers, |x 1018-5941 ; |v WP/17/65 | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover; Contents; Abstract; I. Introduction; II. Measures of Prolonged Monetary Policy Easing and Financial Institution Vulnerability; III. The Impact of Own-Country Policy Easing; IV. The Impact of U.S. Policy Easing; V. Robustness and Extensions; VI. Conclusions; References; Tables; 1. Summary Statistics of the Duration Measures of Monetary; 2. Leverage Ratio by Financial Industry; 3. Marginal Impacts of the Duration of Domestic Monetary Easing on Leverage; 4. Marginal Impacts of the Duration of U.S. and Domestic Monetary Easing; 5. Robustness. | |
| 505 | 8 | |a 6. Alternative Measures of Financial Institution Vulnerability and Nonlinearities:Own Country Duration7. Alternative Measures of Financial Institution Vulnerability and Nonlinearities: U.S. Duration; Figures; 1. Change in the Asset-to-Equity Ratio; 2. Periods of Monetary Policy Easing for the U.S; 3. Estimated Effect of the Duration of Domestic Monetary Policy Easing on Leverage; 4. Estimated Effect of the Duration of U.S. Monetary Policy Easing on Leverage; Appendix; I. Data and Definitions of Variables; Appendix Tables; 1. Definitions and Sources; 2. Main Stock Indicators. | |
| 500 | |a 3. Indicators of Monetary Policy. | ||
| 520 | 3 | |a Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find that the leverage ratio, as well as other measures of firm-level vulnerability, increases for banks and nonbanks as domestic monetary policy easing persists. Cross-border effects are also notable. We find effects of roughly similar magnitude on foreign financial sector firms when the U.S. eases policy. Results appear robust to a variety of specifications, and to be non-linear, with risk-taking behavior rising most quickly at the onset of monetary policy easing. | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Monetary policy. | |
| 650 | 6 | |a Politique monétaire. | |
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| 650 | 7 | |a Monetary policy. |2 fast |0 (OCoLC)fst01025230 | |
| 700 | 1 | |a Mancini-Griffoli, Tommaso, |e author. | |
| 700 | 1 | |a Narita, Machiko, |e author. | |
| 776 | 0 | 8 | |i Print version: |a Cecchetti, Stephen. |t Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? |d Washington, D.C. : International Monetary Fund, ©2017 |z 9781475588644 |
| 830 | 0 | |a IMF working paper ; |v WP/17/65. | |
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