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Exploring the Dynamics of Global Liquidity

Chen, Sally - 2012

This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series....

Persistent link: https://www.econbiz.de/10013098562

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/10010287018

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/10010287077

The shadow banking system: Implications for financial regulation

Adrian, Tobias; Shin, Hyun Song - 2009

. Securitization was intended as a way to transfer credit risk to those better able to absorb losses, but instead it increased the …

Persistent link: https://www.econbiz.de/10010287181

The impact of risk regulation on price dynamics

Danielsson, Jon; Shin, Hyun Song; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2004

Most financial risk regulations assume that asset returns are exogenous, where risk is estimated from historical data … consequences of risk constrained trading by means of simulations of a general equilibrium model with a value-at-risk constraint and … compare the results to the case when risk constraints are not present. Prices are lower on average in the presence of risk …

Persistent link: https://www.econbiz.de/10011126542

Prices and Quantities in the Monetary Policy Transmission Mechanism

Adrian, Tobias; Shin, Hyun Song - In: International Journal of Central Banking 5 (2009) 4, pp. 131-142

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/10008632958