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Quantitative Easing, Collateral Constraints, and Financial Spillovers
Geanakoplos, John - 2018
model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …
Persistent link: https://www.econbiz.de/10012906607
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Quantitative Easing, Collateral Constraints, and Financial Spillovers
Geanakoplos, John - 2019
model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …
Persistent link: https://www.econbiz.de/10012896238
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Chapter 18. Macro, Money, and Finance : A Continuous-Time Approach
Brunnermeier, M.K.; Sannikov, Y. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 1497-1545). 2016
This chapter puts forward a manual for how to setup and solve a continuous time model that allows to analyze endogenous (1) level and risk dynamics. The latter includes (2) tail risk and crisis probability as well as (3) the Volatility Paradox. Concepts such as (4) illiquidity and liquidity...
Persistent link: https://www.econbiz.de/10014024265
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Cross-border bank flows and monetary policy : implications for Canada
Correa, Ricardo; Paligorova, Teodora; Sapriza, Horacio; … - 2017
countries erode the net worth and collateral values of domestic borrowers, banks reallocate credit away from relatively risky …
Persistent link: https://www.econbiz.de/10011777908
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Liquidity and market efficiency : alive and well?
Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015
On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...
Persistent link: https://www.econbiz.de/10011414459
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Spillover effects of foreign monetary policy on the foreign indebtedness of banks and corporations
Acevedo, Paola Morales - 2019
This paper analyses the impact of foreign monetary policy - from a broad range of countries - on the foreign indebtedness of Colombian banks and corporations, and evaluates if capital controls can help to mitigate these spillover effects. The paper uses two unique loan-level datasets on...
Persistent link: https://www.econbiz.de/10012122031
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Foreign Institutional Investors, Monetary Policy, and Reaching for Yield
Ahmed, Ahmed; Hofmann, Boris; Schmitz, Martin - 2022
This paper uses a unique security-level data set to demonstrate that foreign institutional investors shift their U.S. corporate bond portfolios toward bonds with higher credit spreads when U.S. monetary policy tightens, which reflects institutional factors related to nominal return targets and...
Persistent link: https://www.econbiz.de/10013305642
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Global capital and national institutions : crisis and choice in the international financial architecture
Alfaro, Laura - 2010
Persistent link: https://www.econbiz.de/10003889781
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Global liquidity : public and private
Landau, Jean-Pierre - In: Global dimensions of unconventional monetary policy : a …, (pp. 223-259). 2014
Persistent link: https://www.econbiz.de/10011301091