کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959726 929355 2015 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The impact of Treasury supply on financial sector lending and stability
ترجمه فارسی عنوان
تاثیر تامین خزانه داری در اعطای وام به بخش مالی و ثبات
کلمات کلیدی
تامین خزانه داری؛ اقتصاد پولی؛ ثبات اقتصادی؛ بانکداری
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی

We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid assets and writing safe and liquid claims against them. The central prediction of the theory is that safe and liquid government debt should crowd out financial sector lending financed by short-term debt. We verify this prediction with US data from 1875 to 2014. We take a series of approaches to rule out standard crowding out via real interest rates and to address potential endogeneity concerns.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 118, Issue 3, December 2015, Pages 571–600
نویسندگان
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