central bank's reaction to liquidity stress gives banks incentives to invest in excessive liquidity transformation, triggering …

do they mitigate, and how large are these effects? We show that by purchasing government bonds, central banks induce …

banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank’s welfare decreases with … central banks cannot attain both low inflation and financial stability. …

towards a broader market-based financing of financial assets. As a consequence, regulated banks increasingly focus on coping … the financial system, i.e. to shadow banks highly relying on securitization and repos. Unfortunately, economic history has … unilateral inclusion of shadow banks into the regulatory framework, i.e. without access to central bank liquidity, has negative …

taking up the revived debate on whether central banks should "lean against the wind" or not. Currently, there is no consensus …

March 2007 and March 2014, as well as analyses methodological aspects of balance sheet data of the banks in Brazil. The … behavior of credit by public banks; especially Caixa Econômica Federal and Banco do Brasil. While the growth of banking credit … was commanded by private banks between 2003 and 2008, after the global financial crisis of 2008 the public banks led this …

or shadow banks have limited or no prudential regulations. This paper studies the macroeconomic impact of household …