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The shadow banking system : implications for financial regulation

Adrian, Tobias; Shin, Hyun Song - 2009

The current financial crisis has highlighted the growing importance of the “shadow banking system,” which grew out of the securitization of assets and the integration of banking with capital market developments. This trend has been most pronounced in the United States, but it has had a...

Persistent link: https://www.econbiz.de/10003864595

Financial intermediaries, financial stability, and monetary policy

Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2008

In a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are...

Persistent link: https://www.econbiz.de/10003781771

Money, liquidity, and monetary policy

Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2009

In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a...

Persistent link: https://www.econbiz.de/10003812553

Global liquidity and exchange rates

Adrian, Tobias (contributor); Etula, Erkko M. (contributor); … - 2009

We present evidence that the funding liquidity aggregates of U.S. financial intermediaries forecast exchange rate growth—at weekly, monthly, and quarterly horizons, both in-sample and out-of-sample, and for a large set of currencies. We estimate prices of risk using a cross-sectional asset...

Persistent link: https://www.econbiz.de/10003812554

Prices and quantities in the monetary policy transmission mechanism

Adrian, Tobias; Shin, Hyun Song - 2009 - Rev.

Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in the literature has been the overnight interest rate. The financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy,...

Persistent link: https://www.econbiz.de/10003947718

Monetary cycles, financial cycles, and the business cycle

Adrian, Tobias; Estrella, Arturo; Shin, Hyun Song - 2010

One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to expectations of future interest rates, which affect the slope of the term structure. In this paper,...

Persistent link: https://www.econbiz.de/10003948217

The changing nature of financial intermediation and the financial crisis of 2007-09

Adrian, Tobias; Shin, Hyun Song - 2010

The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the...

Persistent link: https://www.econbiz.de/10003948811

How abundant are reserves? : evidence from the wholesale payment system

Afonso, Gara; Duffie, Darrell; Rigon, Lorenzo; Shin, … - 2022

Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in … order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with … balances. Our findings are timely, given the ongoing shrinking of central bank balance sheets around the world in response to …

Persistent link: https://www.econbiz.de/10013465317