|
|
|
|
LEADER |
03368nmm a2200805 u 4500 |
001 |
EB001825474 |
003 |
EBX01000000000000000991920 |
005 |
00000000000000.0 |
007 |
cr||||||||||||||||||||| |
008 |
180614 ||| eng |
020 |
|
|
|a 9781475588644
|
100 |
1 |
|
|a Cecchetti, Stephen
|
245 |
0 |
0 |
|a Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?
|c Stephen Cecchetti, Tommaso Mancini-Griffoli, Machiko Narita
|
260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 2017
|
300 |
|
|
|a 31 pages
|
651 |
|
4 |
|a United States
|
653 |
|
|
|a Banks
|
653 |
|
|
|a Finance
|
653 |
|
|
|a Accommodative monetary policy
|
653 |
|
|
|a Banks and banking
|
653 |
|
|
|a Financial sector policy and analysis
|
653 |
|
|
|a Investment banking
|
653 |
|
|
|a Financial services
|
653 |
|
|
|a Bond yields
|
653 |
|
|
|a Mortgages
|
653 |
|
|
|a International Financial Markets
|
653 |
|
|
|a Financial risk management
|
653 |
|
|
|a Capital and Ownership Structure
|
653 |
|
|
|a Bonds
|
653 |
|
|
|a Goodwill
|
653 |
|
|
|a Asset-liability management
|
653 |
|
|
|a Banking
|
653 |
|
|
|a Brokerage
|
653 |
|
|
|a Financial Risk and Risk Management
|
653 |
|
|
|a Venture Capital
|
653 |
|
|
|a Financing Policy
|
653 |
|
|
|a Financial Risk Management
|
653 |
|
|
|a Depository Institutions
|
653 |
|
|
|a Institutional Investors
|
653 |
|
|
|a Pension Funds
|
653 |
|
|
|a Investment Banking
|
653 |
|
|
|a Monetary economics
|
653 |
|
|
|a Financial institutions
|
653 |
|
|
|a Value of Firms
|
653 |
|
|
|a Financial Instruments
|
653 |
|
|
|a General Financial Markets: Government Policy and Regulation
|
653 |
|
|
|a Micro Finance Institutions
|
653 |
|
|
|a General Financial Markets: General (includes Measurement and Data)
|
653 |
|
|
|a Asset and liability management
|
653 |
|
|
|a Investments: Bonds
|
653 |
|
|
|a Non-bank Financial Institutions
|
653 |
|
|
|a Asset management
|
653 |
|
|
|a Ratings and Ratings Agencies
|
653 |
|
|
|a Banks and Banking
|
653 |
|
|
|a Financial Markets and the Macroeconomy
|
653 |
|
|
|a Financial sector risk
|
653 |
|
|
|a Monetary policy
|
653 |
|
|
|a Investment & securities
|
653 |
|
|
|a Monetary Policy
|
653 |
|
|
|a Money and Monetary Policy
|
653 |
|
|
|a Finance: General
|
700 |
1 |
|
|a Mancini-Griffoli, Tommaso
|
700 |
1 |
|
|a Narita, Machiko
|
041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
989 |
|
|
|b IMF
|a International Monetary Fund
|
490 |
0 |
|
|a IMF Working Papers
|
028 |
5 |
0 |
|a 10.5089/9781475588644.001
|
856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2017/065/001.2017.issue-065-en.xml?cid=44760-com-dsp-marc
|x Verlag
|3 Volltext
|
082 |
0 |
|
|a 330
|
520 |
|
|
|a Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find that the leverage ratio, as well as other measures of firm-level vulnerability, increases for banks and nonbanks as domestic monetary policy easing persists. Cross-border effects are also notable. We find effects of roughly similar magnitude on foreign financial sector firms when the U.S. eases policy. Results appear robust to a variety of specifications, and to be non-linear, with risk-taking behavior rising most quickly at the onset of monetary policy easing
|