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Monetary Policy, Leverage, and Bank Risk-taking
DellAriccia, Giovanni; Laeven, Luc; Marquez, Robert - C.E.P.R. Discussion Papers - 2011
The recent global financial crisis has ignited a debate on whether easy monetary conditions can lead to greater bank risk-taking. We study this issue in a model of leveraged financial intermediaries that endogenously choose the riskiness of their portfolios. When banks can adjust their capital...
Persistent link: https://www.econbiz.de/10008854508
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The SSM at 1
Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame … Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial … College) gave the SUERF 2015 Annual Lecture on Capital and Banks. The conference focused on core aspects of banking reform …
Persistent link: https://www.econbiz.de/10011557140
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Monetary Policy, Leverage, and Bank Risk-Taking
Dell'Ariccia, Giovanni - 2011
The recent global financial crisis has ignited a debate on whether easy monetary conditions can lead to greater bank risk-taking. We study this issue in a model of leveraged financial intermediaries that endogenously choose the riskiness of their portfolios. When banks can adjust their capital...
Persistent link: https://www.econbiz.de/10013131455
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The Use of Blanket Guarantees in Banking Crises
Laeven, Luc; Valencia, Fabian - International Monetary Fund (IMF) - 2008
In episodes of significant banking distress or perceived systemic risk to the financial system, policymakers have often … restructuring programs and may increase moral hazard going forward. Using a sample of 42 episodes of banking crises, this paper … finds that blanket guarantees are successful in reducing liquidity pressures on banks arising from deposit withdrawals …
Persistent link: https://www.econbiz.de/10005826542
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Bank leverage and monetary policy's risk-taking channel: evidence from the United States
Dell’Ariccia, Giovanni; Laeven, Luc; Suarez, Gustavo A. - 2016
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data …
Persistent link: https://www.econbiz.de/10011605948
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Bank Leverage and Monetary Policy's Risk-Taking Channel : Evidence from the United States
Dell'Ariccia, Giovanni - 2016
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data …
Persistent link: https://www.econbiz.de/10012992419
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The Use and Effectiveness of Macroprudential Policies : New Evidence
Cerutti, Eugenio - 2015
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while...
Persistent link: https://www.econbiz.de/10013024432
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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10008692313
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Corporate Governance: What’s Special About Banks?
Laeven, Luc - In: Annual Review of Financial Economics 5 (2013) 1, pp. 63-92
This review surveys the literature on the corporate governance of banks. Traditional corporate governance mechanisms, such as concentrated ownership and takeover threats, in principle, also apply to banks. However, banks have special traits and are heavily regulated, preventing natural forms of...
Persistent link: https://www.econbiz.de/10010709606
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Real interest rates, leverage, and bank risk-taking
DellʼAriccia, Giovanni; Laeven, Luc; Marquez, Robert - In: Journal of Economic Theory 149 (2014) C, pp. 65-99
Do low interest rate environments lead to greater bank risk-taking? We show that, when banks can adjust their capital structures, reductions in real interest rates lead to greater leverage and higher risk for any downward sloping loan demand function. However, if the capital structure is fixed,...
Persistent link: https://www.econbiz.de/10011042980