Does prolonged monetary policy easing increase financial vulnerability? /:
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, increa...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2017.
|
| Schriftenreihe: | IMF working paper ;
WP/17/65. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 3. Indicators of Monetary Policy. |
| Beschreibung: | 1 online resource (32 pages) |
| ISBN: | 9781475588880 1475588887 |
| ISSN: | 1018-5941 ; |
Internformat
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| 245 | 1 | 0 | |a Does prolonged monetary policy easing increase financial vulnerability? / |c by Stephen Cecchetti, Tommaso Mancini-Briffoli, and Machiko Narita. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c 2017. | ||
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| 505 | 0 | |a Cover; Contents; Abstract; I. Introduction; II. Measures of Prolonged Monetary Policy Easing and Financial Institution Vulnerability; III. The Impact of Own-Country Policy Easing; IV. The Impact of U.S. Policy Easing; V. Robustness and Extensions; VI. Conclusions; References; Tables; 1. Summary Statistics of the Duration Measures of Monetary; 2. Leverage Ratio by Financial Industry; 3. Marginal Impacts of the Duration of Domestic Monetary Easing on Leverage; 4. Marginal Impacts of the Duration of U.S. and Domestic Monetary Easing; 5. Robustness. | |
| 505 | 8 | |a 6. Alternative Measures of Financial Institution Vulnerability and Nonlinearities:Own Country Duration7. Alternative Measures of Financial Institution Vulnerability and Nonlinearities: U.S. Duration; Figures; 1. Change in the Asset-to-Equity Ratio; 2. Periods of Monetary Policy Easing for the U.S; 3. Estimated Effect of the Duration of Domestic Monetary Policy Easing on Leverage; 4. Estimated Effect of the Duration of U.S. Monetary Policy Easing on Leverage; Appendix; I. Data and Definitions of Variables; Appendix Tables; 1. Definitions and Sources; 2. Main Stock Indicators. | |
| 500 | |a 3. Indicators of Monetary Policy. | ||
| 520 | 3 | |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. | |
| 650 | 0 | |a Monetary policy. |0 http://id.loc.gov/authorities/subjects/sh85086787 | |
| 650 | 6 | |a Politique monétaire. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 700 | 1 | |a Mancini-Griffoli, Tommaso, |e author. | |
| 700 | 1 | |a Narita, Machiko, |e author. | |
| 758 | |i has work: |a Does prolonged monetary policy easing increase financial vulnerability? (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFvTjxgBCV9FPWqygjdWWC |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Cecchetti, Stephen. |t Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? |d Washington, D.C. : International Monetary Fund, ©2017 |z 9781475588644 |
| 830 | 0 | |a IMF working paper ; |v WP/17/65. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| adam_text | |
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| author | Cecchetti, Stephen G. (Stephen Giovanni) Mancini-Griffoli, Tommaso Narita, Machiko |
| author_GND | http://id.loc.gov/authorities/names/n85166460 |
| author_facet | Cecchetti, Stephen G. (Stephen Giovanni) Mancini-Griffoli, Tommaso Narita, Machiko |
| author_role | aut aut aut |
| author_sort | Cecchetti, Stephen G. |
| author_variant | s g c sg sgc t m g tmg m n mn |
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| contents | Cover; Contents; Abstract; I. Introduction; II. Measures of Prolonged Monetary Policy Easing and Financial Institution Vulnerability; III. The Impact of Own-Country Policy Easing; IV. The Impact of U.S. Policy Easing; V. Robustness and Extensions; VI. Conclusions; References; Tables; 1. Summary Statistics of the Duration Measures of Monetary; 2. Leverage Ratio by Financial Industry; 3. Marginal Impacts of the Duration of Domestic Monetary Easing on Leverage; 4. Marginal Impacts of the Duration of U.S. and Domestic Monetary Easing; 5. Robustness. 6. Alternative Measures of Financial Institution Vulnerability and Nonlinearities:Own Country Duration7. Alternative Measures of Financial Institution Vulnerability and Nonlinearities: U.S. Duration; Figures; 1. Change in the Asset-to-Equity Ratio; 2. Periods of Monetary Policy Easing for the U.S; 3. Estimated Effect of the Duration of Domestic Monetary Policy Easing on Leverage; 4. Estimated Effect of the Duration of U.S. Monetary Policy Easing on Leverage; Appendix; I. Data and Definitions of Variables; Appendix Tables; 1. Definitions and Sources; 2. Main Stock Indicators. |
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| discipline | Wirtschaftswissenschaften |
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| indexdate | 2024-11-26T14:49:27Z |
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| issn | 1018-5941 ; |
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| series2 | IMF Working Papers, |
| spelling | Cecchetti, Stephen G. (Stephen Giovanni), author. http://id.loc.gov/authorities/names/n85166460 Does prolonged monetary policy easing increase financial vulnerability? / by Stephen Cecchetti, Tommaso Mancini-Briffoli, and Machiko Narita. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (32 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Papers, 1018-5941 ; WP/17/65 Print version record. Cover; Contents; Abstract; I. Introduction; II. Measures of Prolonged Monetary Policy Easing and Financial Institution Vulnerability; III. The Impact of Own-Country Policy Easing; IV. The Impact of U.S. Policy Easing; V. Robustness and Extensions; VI. Conclusions; References; Tables; 1. Summary Statistics of the Duration Measures of Monetary; 2. Leverage Ratio by Financial Industry; 3. Marginal Impacts of the Duration of Domestic Monetary Easing on Leverage; 4. Marginal Impacts of the Duration of U.S. and Domestic Monetary Easing; 5. Robustness. 6. Alternative Measures of Financial Institution Vulnerability and Nonlinearities:Own Country Duration7. Alternative Measures of Financial Institution Vulnerability and Nonlinearities: U.S. Duration; Figures; 1. Change in the Asset-to-Equity Ratio; 2. Periods of Monetary Policy Easing for the U.S; 3. Estimated Effect of the Duration of Domestic Monetary Policy Easing on Leverage; 4. Estimated Effect of the Duration of U.S. Monetary Policy Easing on Leverage; Appendix; I. Data and Definitions of Variables; Appendix Tables; 1. Definitions and Sources; 2. Main Stock Indicators. 3. Indicators of Monetary Policy. 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. Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Politique monétaire. BUSINESS & ECONOMICS Finance. bisacsh Monetary policy fast Mancini-Griffoli, Tommaso, author. Narita, Machiko, author. has work: Does prolonged monetary policy easing increase financial vulnerability? (Text) https://id.oclc.org/worldcat/entity/E39PCFvTjxgBCV9FPWqygjdWWC https://id.oclc.org/worldcat/ontology/hasWork Print version: Cecchetti, Stephen. Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? Washington, D.C. : International Monetary Fund, ©2017 9781475588644 IMF working paper ; WP/17/65. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1505085 Volltext |
| spellingShingle | Cecchetti, Stephen G. (Stephen Giovanni) Mancini-Griffoli, Tommaso Narita, Machiko Does prolonged monetary policy easing increase financial vulnerability? / IMF working paper ; Cover; Contents; Abstract; I. Introduction; II. Measures of Prolonged Monetary Policy Easing and Financial Institution Vulnerability; III. The Impact of Own-Country Policy Easing; IV. The Impact of U.S. Policy Easing; V. Robustness and Extensions; VI. Conclusions; References; Tables; 1. Summary Statistics of the Duration Measures of Monetary; 2. Leverage Ratio by Financial Industry; 3. Marginal Impacts of the Duration of Domestic Monetary Easing on Leverage; 4. Marginal Impacts of the Duration of U.S. and Domestic Monetary Easing; 5. Robustness. 6. Alternative Measures of Financial Institution Vulnerability and Nonlinearities:Own Country Duration7. Alternative Measures of Financial Institution Vulnerability and Nonlinearities: U.S. Duration; Figures; 1. Change in the Asset-to-Equity Ratio; 2. Periods of Monetary Policy Easing for the U.S; 3. Estimated Effect of the Duration of Domestic Monetary Policy Easing on Leverage; 4. Estimated Effect of the Duration of U.S. Monetary Policy Easing on Leverage; Appendix; I. Data and Definitions of Variables; Appendix Tables; 1. Definitions and Sources; 2. Main Stock Indicators. Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Politique monétaire. BUSINESS & ECONOMICS Finance. bisacsh Monetary policy fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85086787 |
| title | Does prolonged monetary policy easing increase financial vulnerability? / |
| title_auth | Does prolonged monetary policy easing increase financial vulnerability? / |
| title_exact_search | Does prolonged monetary policy easing increase financial vulnerability? / |
| title_full | Does prolonged monetary policy easing increase financial vulnerability? / by Stephen Cecchetti, Tommaso Mancini-Briffoli, and Machiko Narita. |
| title_fullStr | Does prolonged monetary policy easing increase financial vulnerability? / by Stephen Cecchetti, Tommaso Mancini-Briffoli, and Machiko Narita. |
| title_full_unstemmed | Does prolonged monetary policy easing increase financial vulnerability? / by Stephen Cecchetti, Tommaso Mancini-Briffoli, and Machiko Narita. |
| title_short | Does prolonged monetary policy easing increase financial vulnerability? / |
| title_sort | does prolonged monetary policy easing increase financial vulnerability |
| topic | Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Politique monétaire. BUSINESS & ECONOMICS Finance. bisacsh Monetary policy fast |
| topic_facet | Monetary policy. Politique monétaire. BUSINESS & ECONOMICS Finance. Monetary policy |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1505085 |
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