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Targeting Financial Stability : Macroprudential or Monetary Policy?
Aikman, David - 2019
This paper explores monetary-macroprudential policy interactions in a simple, calibrated New Keynesian model incorporating the possibility of a credit boom precipitating a financial crisis and a loss function reflecting financial stability considerations. Deploying the countercyclical capital...
Persistent link: https://www.econbiz.de/10012871061
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How Do Banking Groups React to Macroprudential Policies? Cross-Border Spillover Effects of Higher Capital Buffers on Lending, Risk-Taking and Internal Markets
Cappelletti, Giuseppe; Ponte Marques, Aurea; Salleo, Carmelo - 2021
We study the impact of macroprudential capital buffers on banking groups' lending and risk-taking decisions, also investigating implications for internal capital markets. For identification, we exploit heterogeneity in buffers applied to other systemically important institutions, using...
Persistent link: https://www.econbiz.de/10013210623
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Monetary Policy, Macroprudential Policy and Banking Stability : Evidence from the Euro Area
Maddaloni, Angela - 2013
We analyze the impact on lending standards of short-term interest rates and macro-prudential policy before the 2008 crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for monetary and prudential policy and using the Bank...
Persistent link: https://www.econbiz.de/10013080478
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Monetary and Macroprudential Policy Complementarities : Evidence from European Credit Registers
Altavilla, Carlo; Laeven, Luc; Peydró, José-Luis - 2021
We document that there are strong complementarities between monetary policy and macroprudential policy in shaping the evolution of bank credit. We use a unique loan-level dataset comprising multiple credit registers from several European countries and different types of loans, including...
Persistent link: https://www.econbiz.de/10013314796
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Benefits and Costs of Liquidity Regulation
Hoerova, Marie - 2018
This paper investigates the costs and benefi ts of liquidity regulation. We find that liquidity tools are bene ficial …
Persistent link: https://www.econbiz.de/10012914517
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Monetary Policy and Capital Regulation in the US and Europe
Cohen-Cole, Ethan - 2010
has partial control over bank regulation it can exercise regulatory lenience. Two, the Fed's stronger output orientation … procyclical capital regulation …
Persistent link: https://www.econbiz.de/10013141874
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Regulating access to international large-value payment systems
Holthausen, Cornelia; Rønde, Thomas - 2000
This paper studies access regulation to international large-value payment systems when banking supervision is national … settlement method are not perfectly aligned. As a result, systemic risk is excessive under public regulation. Still, leaving … access regulation to the private banks can only be optimal if they have superior information about the risk of their foreign …
Persistent link: https://www.econbiz.de/10011604068
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Efficient pricing of large value interbank payment systems
Holthausen, Cornelia; Rochet, Jean-Charles - 2002
This paper studies the efficient pricing of large-value payment systems in the presence of unobservable heterogeneity about banks' future payment volumes. It is shown that the optimal pricing scheme for a public monopoly system involves quantity discounts in the form of a decreasing marginal...
Persistent link: https://www.econbiz.de/10011604230
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The lender of last resort: a 21st century approach
Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - 2003
The classical Bagehot’s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to...
Persistent link: https://www.econbiz.de/10011604344
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Interbank contagion at work: evidence from a natural experiment
Iyer, Rajkamal; Peydró, José-Luis - 2010
This paper tests financial contagion due to interbank linkages. For identification we exploit an idiosyncratic, sudden shock caused by a large-bank failure in conjunction with detailed data on interbank exposures. First, we find robust evidence that higher interbank exposure to the failed bank...
Persistent link: https://www.econbiz.de/10011605193