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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 |
Tabla de Contenidos:
- 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.
- 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.