عنوان انگلیسی مقاله:

Bank Liquidity Creation, Monetary Policy, and Financial Crises

ترجمه عنوان مقاله: ایجاد نقدینگی بانک، سیاست پولی و بحران های مالی

رشته: مالی و حسابداری

سال انتشار: 2017

تعداد صفحات مقاله انگلیسی: 51 صفحه

منبع: الزویر و ساینس دایرکت

نوع فایل: pdf

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چکیده مقاله

This paper examines the interplay among bank liquidity creation (which incorporates all bank onand off-balance sheet activities), monetary policy, and financial crises. We find that: (1) high liquidity creation (relative to trend) – particularly off-balance sheet liquidity creation – helps predict crises, controlling for other factors; (2) monetary policy has statistically significant, but economically minor effects on liquidity creation by small banks during normal times, and these effects are even weaker during financial crises; (3) monetary policy has very little effects on medium and large bank liquidity creation during both normal times and crises. These findings suggest that authorities may wish to monitor bank liquidity creation closely in order to predict and perhaps lessen the likelihood of financial crises. They might also consider other tools to control bank liquidity creation, such as capital and liquidity requirements.

Keywords: Monetary Policy, Financial Crises, Liquidity Creation, and Banking.

مقدمه مقاله

Liquidity creation is a key reason why banks exist. Banks create liquidity on the balance sheet by financing relatively illiquid assets such as business loans with relatively liquid liabilities such as transactions deposits (e.g., Bryant 1980, Diamond and Dybvig 1983). The loans provide bank customers with the necessary funds to make investments, while the deposits deliver liquidity and payment services to the public to make purchases. Banks also create liquidity off the balance sheet through loan commitments and similar claims to liquid funds (e.g., Holmstrom and Tirole 1998,Kashyap, Rajan, and Stein 2002). For example, loan commitments allow customers to plan their investments and expenditures, knowing that the required funds will be forthcoming when needed (e.g., Boot, Greenbaum, and Thakor 1993). Empirical evidence confirms that on- and off-balance sheet liquidity creation have positive effects on the economy (Berger and Sedunov 2017).

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