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180614 ||| eng |
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|a 9781475588644
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100 |
1 |
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|a Cecchetti, Stephen
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245 |
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|a Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?
|c Stephen Cecchetti, Tommaso Mancini-Griffoli, Machiko Narita
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2017
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300 |
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|a 31 pages
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651 |
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4 |
|a United States
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653 |
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|a Banks
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653 |
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|a Finance
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653 |
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|a Accommodative monetary policy
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653 |
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|a Banks and banking
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653 |
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|a Financial sector policy and analysis
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653 |
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|a Investment banking
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653 |
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|a Financial services
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653 |
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|a Bond yields
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653 |
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|a Mortgages
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653 |
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|a International Financial Markets
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653 |
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|a Bonds
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653 |
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|a Financial risk management
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653 |
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|a Capital and Ownership Structure
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653 |
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|a Goodwill
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653 |
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|a Asset-liability management
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653 |
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|a Banking
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653 |
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|a Brokerage
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653 |
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|a Financial Risk and Risk Management
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653 |
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|a Venture Capital
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653 |
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|a Financing Policy
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653 |
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|a Financial Risk Management
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653 |
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|a Depository Institutions
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653 |
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|a Institutional Investors
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653 |
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|a Pension Funds
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653 |
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|a Investment Banking
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653 |
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|a Monetary economics
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653 |
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|a Financial institutions
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653 |
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|a Financial Instruments
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653 |
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|a Value of Firms
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653 |
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|a General Financial Markets: Government Policy and Regulation
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653 |
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|a Micro Finance Institutions
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653 |
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|a General Financial Markets: General (includes Measurement and Data)
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653 |
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|a Investments: Bonds
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653 |
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|a Asset and liability management
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653 |
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|a Non-bank Financial Institutions
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653 |
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|a Asset management
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653 |
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|a Banks and Banking
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653 |
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|a Ratings and Ratings Agencies
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653 |
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|a Financial Markets and the Macroeconomy
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653 |
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|a Financial sector risk
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653 |
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|a Monetary policy
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653 |
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|a Investment & securities
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653 |
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|a Monetary Policy
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653 |
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|a Money and Monetary Policy
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653 |
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|a Finance: General
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700 |
1 |
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|a Mancini-Griffoli, Tommaso
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700 |
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|a Narita, Machiko
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041 |
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7 |
|a eng
|2 ISO 639-2
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|b IMF
|a International Monetary Fund
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|a IMF Working Papers
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|a 10.5089/9781475588644.001
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856 |
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|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
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|a 330
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|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
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