regulation on the national level. …

How does macroprudential regulation affect financial stability in the presence of non-bank financial intermediaries? We …-prudential regulation, generally, decreases systemic risk among traditional banks, it has the opposite effect on systemic risk in the non …

Before the financial crisis securitization was commonly considered an efficient way of replacing illiquid assets with … the USA. The analysis indicates that, driven by the ECB repo operations, the securitization market has almost lost the pre …-crisis motives behind the issuance of ABS. Banks’ attitudes toward securitization as a refinancing tool and a mechanism to extract …

We examine the system-wide effects of liquidity regulation on banks’ balance sheets. In the general equilibrium model … requirements induce banks to invest in such complex assets. We evaluate the welfare properties of combining liquidity regulation …

for housing, low interest rates, innovations in mortgage lending and securitization, and a breakdown in credit quality …