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Debt Deflation Effects of Monetary Policy
Lin, Li - 2015
with collateralized loans, trade in fiat money and production. Long-term nominal loans are backed by collateral, the value … collateral to face value of the loan. Default results in foreclosure, higher borrowing costs, inefficient investment and a … decrease in total output. We show that pre-crisis contractionary monetary policy interacts with Fisherian debt …
Persistent link: https://www.econbiz.de/10013033538
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The Financial (In)Stability Real Interest Rate, R**
Akinci, Ozge; Benigno, Gianluca; Del Negro, Marco; … - 2022
We introduce the concept of a financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint, as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint...
Persistent link: https://www.econbiz.de/10014239222
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The Islamisation of Saudi Arabian Monetary Agency (SAMA) and the Financial System in the Kingdom of Saudi Arabia, Experience from Selected Muslim Countries
Alhozaimy, Yousef - 2010
One of the most important factors for economic growth, development and stability is the financial system. The more stable, strong and developed is the financial system in a country; the more likely is that country's economy to be solid and able to maintain long-term growth. This research will...
Persistent link: https://www.econbiz.de/10013146641
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The financial (in)stability real interest rate, r**
Akinci, Ozge; Benigno, Gianluca; Del Negro, Marco; … - 2020
We introduce the concept of a financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint, as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint...
Persistent link: https://www.econbiz.de/10012309222
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The Contours of Money, the Financial System and Ancillary Matters
Brown, Jay Gbleh-bo - 2021
banks use currency/banknotes deposited to extend loans which is expected to be repaid overtime, no financial system in the …
Persistent link: https://www.econbiz.de/10013247792
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex - 2011
This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...
Persistent link: https://www.econbiz.de/10013122330
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Is central bank currency fundamental to the monetary system?
Armelius, Hanna; Claussen, Carl Andreas; Hendry, Scott - 2020
In this paper, we discuss whether the ability of individuals to convert commercial bank money (i.e., bank deposits) into central bank money is fundamentally important for the monetary system. This is a significant question since the use of cash - the only form of central bank money that the...
Persistent link: https://www.econbiz.de/10012214507
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Monetary policy implementation in a negative rate environment
Boutros, Michael; Witmer, Jonathan - 2017
Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants. To understand the functioning of overnight markets in such an environment, we add the...
Persistent link: https://www.econbiz.de/10011673637
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Paper money in Sheikh Ahmad Khatib Al-Minangkabawi's thought : a comparative and critical commentary
Sholihin, Muhammad; Shalihin, Nurus; Putra, Apria - In: Islamic economic studies 29 (2021) 1, pp. 67-83
Purpose The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas. Design/methodology/approach This paper uses a qualitative approach based on the critical extraction analysis that can reveal a set of...
Persistent link: https://www.econbiz.de/10012666805
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Inflation targeting rules and welfare in an asymmetric currency area
Lombardo, Giovanni - 2004
This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of a monetary union. In particular, we assess the welfare loss brought about by the use of a simple interest rate rule that does not take into account such structural differences....
Persistent link: https://www.econbiz.de/10010295631