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Monetary policy implementation: Misconceptions and their consequences
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of...
Persistent link: https://www.econbiz.de/10009248817
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Monetary Policy Implementation : Misconceptions and Their Consequences
Disyatat, Piti - 2013
Despite constituting the very heart of the monetary transmission mechanism, widespread misconceptions still exist regarding how monetary policy is implemented. This paper highlights the key misconceptions in this regard and shows how they have compromised the understanding of important aspects...
Persistent link: https://www.econbiz.de/10012710838
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Payments, Credit and Asset Prices
Piazzesi, Monika - 2018
This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by … intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the … if it helps back inside money, and lower if more inside money is used to trade it. Inflation can be low in security …
Persistent link: https://www.econbiz.de/10012914919
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Ten propositions about liquidity crises
Borio, Claudio E. V. - Bank for International Settlements / Monetary and … - 2009
What are liquidity crises? And what can be done to address them? This short paper brings together some personal reflections on this issue, largely based on previous work. In the process, it questions a number of commonly held beliefs that have become part of the conventional wisdom. The paper is...
Persistent link: https://www.econbiz.de/10009138459
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Macroprudential Policies in Peru : The Effects of Dynamic Provisioning and Conditional Reserve Requirements
Minaya, Elinas - 2017
Over the past decade, credit has grown significantly in Peru, a small and partially dollarised economy, and the mounting credit risk attached to foreign currency credit created severe challenges for financial regulators. This paper assesses the effectiveness of two macroprudential measures...
Persistent link: https://www.econbiz.de/10012942934
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Credit Supply Responses to Reserve Requirement : Loan-Level Evidence from Macroprudential Policy
Barroso, Joao - 2017
This paper estimates the impact of reserve requirements (RR) on credit supply in Brazil, exploring a large loan-level dataset. We use a difference-in-difference strategy, first in a long panel, then in a cross-section. In the first case, we estimate the average effect on credit supply of several...
Persistent link: https://www.econbiz.de/10012942937
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A Loan-Level Analysis of Bank Lending in Mexico
Cantú, Carlos - 2019
We use loan-level data from the Mexican credit registry to study how bank-specific characteristics in influence credit supply. We explore how these characteristics affect the transmission of monetary policy and their role in building banks' resilience to external shocks. Then, we compare the...
Persistent link: https://www.econbiz.de/10012864775
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Banks’ Business Model and Credit Supply in Chile : The Role of a State-Owned Bank
Biron, Miguel - 2019
During the Global Financial Crisis, banks suffered losses on a scale not witnessed since the Great Depression, partly due to two major structural developments in the banking industry; deregulation combined with financial innovation. In the aftermath of the financial crisis, the regulatory...
Persistent link: https://www.econbiz.de/10012864778
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How Do Bank-Specific Characteristics Affect Lending? New Evidence Based on Credit Registry Data from Latin America
Cantú, Carlos - 2019
This paper focuses on the recent changes in banking systems and how bank-specific characteristics have affected credit supply in five Latin American countries (Brazil, Chile, Colombia, Mexico and Peru). We use detailed credit registry data and apply a common empirical strategy. Since data...
Persistent link: https://www.econbiz.de/10012864779
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The Countercyclical Capital Buffer and the Composition of Bank Lending
Auer, Raphael - 2016
Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were...
Persistent link: https://www.econbiz.de/10012977947