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The Macroeconomics of Shadow Banking
Moreira, Alan - 2014
collateral is scarce. We call this process shadow banking. A rise in uncertainty raises demand for crash-proof liquidity, forcing … intermediaries to delever and substitute toward safe, collateral- intensive liabilities. Shadow banking shrinks, causing the … liquidity supply to contract, discount rates and collateral premia spike, prices and investment fall. The model produces slow …
Persistent link: https://www.econbiz.de/10013050154
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The Macroeconomics of Shadow Banking
Moreira, Alan - 2014
collateral is scarce. We call this process shadow banking. A rise in uncertainty raises demand for crash-proof liquidity, forcing … intermediaries to delever and substitute toward safe, collateral- intensive liabilities. Shadow banking shrinks, causing the … liquidity supply to contract, discount rates and collateral premia spike, prices and investment fall. The model produces slow …
Persistent link: https://www.econbiz.de/10012458332
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The Macroeconomic Effects of Shadow Banking Panics
Poeschl, Johannes - 2021
We study the effects of shadow banking panics in a macroeconomic model with a rich financial system, including deposit-financed retail banks and wholesale-financed shadow banks. Shadow banking panics occur when retail banks choose not to roll over their lending to shadow banks. Occasionally...
Persistent link: https://www.econbiz.de/10013241368
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The funds concentration effect and discriminatory bailout
Erlenmaier, Ulrich; Gersbach, Hans - 2001
In the presence of macroeconomic shocks severe enough to threaten the liquidity or solvency of the banking system, the regulator can rely on the funds concentration effect to save long-term investment projects. Some banks are forced into bankruptcy with the result that other banks obtain more...
Persistent link: https://www.econbiz.de/10011400865
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Shadow banking : financial intermediation beyond banks
Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018
Persistent link: https://www.econbiz.de/10011790739
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Shadow banking and financial stability under limited deposit insurance
Voellmy, Lukas - 2019
I study the relation between shadow banking and financial stability in an economy in which banks are susceptible to self-fulfilling runs and in which government-backed deposit insurance is limited. Shadow banks issue only uninsured deposits while commercial banks issue both insured and uninsured...
Persistent link: https://www.econbiz.de/10012135982
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Optimal unconventional monetary policy in the face of shadow banking
Kirchner, Philipp; Schwanebeck, Benjamin - 2017
Using a DSGE framework, we discuss the optimal design of monetary policy for an economy where both retail banks and shadow banks serve as financial intermediaries. We get the following results. During crises times, a standard Taylor rule fails to reach sufficient stimulus. Direct asset purchases...
Persistent link: https://www.econbiz.de/10011671242
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Shadow bank runs
Andolfatto, David; Nosal, Ed - 2020
Short-term debt is commonly used to fund illiquid assets. A conventional view asserts that such arrangements are run-prone in part because redemptions must be processed on a first-come, first-served basis. This sequential service protocol, however, appears absent in the wholesale banking...
Persistent link: https://www.econbiz.de/10012262222
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The macroeconomic effects of shadow banking panics
Poeschl, Johannes - 2020
We study the effects of shadow banking panics in a macroeconomic model with a rich financial system, including deposit-financed retail banks and wholesale-financed shadow banks. The model can quantitatively match the dynamics of key variables around the US financial crisis. Wholesale funding...
Persistent link: https://www.econbiz.de/10012233428
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Policy uncertainty, lender of last resort and the real economy
Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021
We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....
Persistent link: https://www.econbiz.de/10012426306