| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10717 |
| DP10717 The Impact of Treasury Supply on Financial Sector Lending and Stability | |
| Arvind Krishnamurthy; Annette Vissing-Jørgensen | |
| 发表日期 | 2015-07-19 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | 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 non-financial 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 those. 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 in U.S. data from 1875-2014. We take a series of approaches to rule out ?standard" crowding out via real interest rates and to address potential endogeneity concerns. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Banking Treasury supply Monetary economics Financial stability |
| URL | https://cepr.org/publications/dp10717 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539548 |
| 推荐引用方式 GB/T 7714 | Arvind Krishnamurthy,Annette Vissing-Jørgensen. DP10717 The Impact of Treasury Supply on Financial Sector Lending and Stability. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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