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Fintech: is this time different? : a framework for assessing risks and opportunities for central banks
Aaron, Meyer; Rivadeneyra, Francisco; Sohal, Samantha - 2017
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments. Fintech may affect the different areas of responsibility of central banks - mainly monetary policy and financial stability - by changing money demand and by changing the industrial...
Persistent link: https://www.econbiz.de/10011689315
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Money Talks : Information and Seignorage
Guennewig, Maxi - 2022
This paper analyses the consequences for monetary policy in the presence of currencies issued by firms. Such currencies generate seignorage revenues and information on consumers. In a benchmark model of imperfectly competing firms, information breaks the usual portfolio indeterminacy as in...
Persistent link: https://www.econbiz.de/10013322561
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The impact of treasury supply on financial sector lending and stability
Krishnamurthy, Arvind; Vissing-Jørgensen, Annette - 2015
We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
Persistent link: https://www.econbiz.de/10011412482
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Bewley Banks
Jamilov, Rustam; Monacelli, Tommaso - 2021
that hit a concentrated and fragile banking distribution cause significantly larger recessions. A persistent consolidation … in the U.S. banking sector that matches the one observed over 1980-2020 generates a large economic contraction and an … model to identify and characterize episodes of systemic banking crises. Such events are associated with large economic …
Persistent link: https://www.econbiz.de/10013236156
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Chapter 12. Financial Intermediaries and Monetary Economics
Adrian, Tobias; Song Shin, Hyun - In: Handbook of monetary economics : volume 3, (pp. 601-650). 2010
We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle through fluctuations in the price of risk. In this framework, balance sheet quantities emerge as a key...
Persistent link: https://www.econbiz.de/10014025668
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The Net Stable Funding Ratio and Banks’ Participation in Monetary Policy Operations : Some Evidence for the Euro Area
Scalia, Antonio - 2013
Based on a review of the analytical underpinnings of the effects of the NSFR on banks' choices, this paper attempts to relate banks' strategies to developments in the value of the ratio in the euro area. In spite of a not-so-near implementation date, the evidence is that the NSFR already matters...
Persistent link: https://www.econbiz.de/10013071580
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Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening?
Jiang, Erica Xuewei; Matvos, Gregor; Piskorski, Tomasz; … - 2023
.S. banking system are hedged by interest rate swaps. We also find limited hedging of interest rate exposure by publicly traded …
Persistent link: https://www.econbiz.de/10014355378
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Crisis management at cross-roads : challenges facing cross-border financial institutions at the EU level : a joint publication with the Centre for European Policy Studies (CEPS)
Ayadi, Rym (ed.); Lierman, Frank (ed.); Balling, Morten (ed.) - Conference "Crisis Management at Cross-Roads" <2009, …; … - 2010
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
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Financial institutions' business models and the global transmission of monetary policy
Argimón, Isabel; Bonner, Clemens; Correa, Ricardo; … - 2018
heterogeneity in the transmission of monetary policy across the three types of institutions, across the three banking systems, and … across banks within each banking system. While insurance companies and pension funds do not transmit home-country monetary …
Persistent link: https://www.econbiz.de/10011859474
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Unconventional Monetary Policy and Bank Lending Relationships
Cahn, Christophe - 2019
How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the ECB's 2011-12 Long-Term Refinancing Operations (LTROs) affected lending to firms discontinuously across credit ratings (within banks) to make four contributions. (i) We show the...
Persistent link: https://www.econbiz.de/10012900335