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نتیجه جستجو - MONETARY POLICY

تعداد مقالات یافته شده: 55
ردیف عنوان نوع
1 Monetary policy tightening, accounting information comparability, and underinvestment: Evidence from China
تشدید سیاست پولی، قابلیت مقایسه اطلاعات حسابداری، و سرمایه گذاری کم: شواهدی از چین-2021
Based on a macro and micro cross view, we empirically test the interactions among monetary policy, accounting information comparability, and investment efficiency with a sample of A-share listed firms in China from 2005 to 2019. We find that tightening monetary policy will aggravate underinvestment behavior, such as inefficient investment, while improvement in accounting information comparability can effectively mitigate the negative impact of tightening monetary policy on underinvestment, so as to improve firm investment efficiency. Further study shows that, in a period of monetary policy tightening, firms with high agency costs and high financing constraints can significantly reduce underinvestment by improving the comparability of accounting information, thus improving the investment efficiency of firms. After distinguishing the type of firm ownership (state-owned enterprises vs. private enterprises), we find that firms can reduce the effect of insufficient investment during a period of monetary tightening by improving the comparability of accounting information, which is more significant in the sample of private enterprises (PEs).
keywords: قابلیت حسابداری اطلاعات حسابداری | بهره وری سرمایه گذاری | سیاست های پولی | Accounting information comparability | Investment efficiency | Monetary policy
مقاله انگلیسی
2 Monetary financing and fiscal discipline
تأمین مالی و انضباط مالی-2020
Rules governing monetary state financing vary across jurisdictions. The mainstream rationale for bans of state financing rests on the empirical assumption that monetary financing undermines fiscal discipline. We address the plausibility of this assumption by estimating local projection models for a panel of euro area countries to explore the reaction of the sovereigns’ fiscal position to a monetary policy shock. Our results suggest that fiscal discipline is not waning after an expansionary monetary policy innovation that can be related to non-standard policy interventions, as expressed through an improvement of the primary balance despite declining borrowing costs. While no compelling inferences can be made as to the driving force of this improvement – political pressure channeled through conditionality may be a plausible explanation – our results suggest that empirical claims on the adverse effect of unconventional monetary policy on fiscal discipline are ill-founded.
Keywords: Monetary financing | Fiscal discipline | Local projections | Monetary policy surprises
مقاله انگلیسی
3 China•s central bank digital currency and its impacts on monetary policy and payment competition: Game changer or regulatory toolkit?
ارز دیجیتال بانک مرکزی چین و تأثیرات آن بر سیاست پولی و رقابت پرداخت: تغییر دهنده بازی یا جعبه ابزار نظارتی؟-2020
aAfter carrying out some preparatory work for several years, China is likely to issue central bank digital currency (CBDC). Built upon the relevant experience and research in other coun- tries, China has been carefully designing its own version of digital currency and issuance mechanism with a purpose of not disrupting financial intermediation. Nevertheless, it still leaves some residual issues unanswered, in particular, the narrow bank concern and application scenarios. While this article proposes to use interest rates as a policy solution to mitigate the narrow bank concern, the ultimate success of CBDC still depends on market competition. China’s CBDC, while initially being used as a regulatory toolkit to compete with other digital currencies, has potential to become a game changer once used in a large scale.© 2021 Wei Shen and Liyang Hou. Published by Elsevier Ltd. All rights reserved.
Keywords: Central bank digital currency | Narrow bank | Payment | Competition | China
مقاله انگلیسی
4 Cryptocurrency reaction to FOMC Announcements: Evidence ofheterogeneity based on blockchain stack position
واکنش رمزنگاری به اطلاعیه های FOMC: شواهد ناهمگونی بر اساس موقعیت پشته بلاکچین -2019
We examine the response of a broad set of digital assets to US Federal Fund interest rate and quantitativeeasing announcements, specifically examining associated volatility spillover and feedback effects. Weclassify each digital asset into one of three categories: Currencies; Protocols; and Decentralised Applica-tions (dApps). Currency-based digital assets experience idiosyncratic spillovers in the period immediatelyafter US monetary policy announcements, while application or protocol-based digital assets are largelyimmune to policy volatility spillover and feedback. Mineable digital assets are found to be more sus-ceptible to monetary policy volatility spillovers and feedback than non-mineable. Responses indicate adiverse market within which, not all assets are Keywords:Cryptocurrencies | Digital assets| GARCH | Volatility spillovers | Monetary policy
مقاله انگلیسی
5 Regulation & oligopoly in banking: The role of banking cost structure
مقررات و الیگپولی در بانکداری: نقش ساختار هزینه بانکی-2019
The post-2008 financial crisis EU banking sector is characterized by recapitalization, a reduction in the number of credit institutions, and cost efficiencies due to the presence of economies of scope. This paper investigates the role of the banking cost structure as a factor influencing the regulatory impact on banking conduct under oligopolistic conditions. Applying the industrial organization approach to banking, commercial banks operate in the context of a two-stage Cournot game with economies of scope and public intervention. This intervention takes the form of minimum solvency requirements imposed by banking authorities. Higher capital provides a buffer against losses on banks’ assets and enhances financial stability. The findings show that stricter prudential regulation reduces loan rates and the interest rate spread. Also, the analysis suggests that banking regulation weakens the effectiveness of monetary policy. Thus, in terms of practical implication, banking supervision strategy should take into consideration the banking cost structure.
Keywords: Capital requirements | Regulation | Monetary policy | Economies of scope
مقاله انگلیسی
6 Household debt, financial intermediation, and monetary policy
بدهی خانوار ، واسطه گری مالی و سیاست های پولی-2019
The collapse of housing prices in the U.S. during the Great Recession eroded not only consumers’ housing wealth but also the assets held by the banking sector. I introduce a micro-founded banking sector to a standard DSGE model with household debt to study the interaction between housing prices, household debt, and banks’ balance sheet positions. I estimate the model using US data from 1991Q1 to 2014Q1 and find that there is a significant spillover effect from the housing market to the rest of the aggregate economy. The spillover effect is mainly evident on investment through the banking sector. A negative shock to housing demand or to the perceived riskiness of assets backed by housing wealth decreases the banks’ net worth. As a result, both mortgage and corporate spreads rise, leading to a decline in aggregate investment. I also find that an unconventional monetary policy is more effective in dampening the downturn when it targets the assets backed by housing wealth.
Keywords: Household debt | Mortgage spread | Banking | Unconventional monetary policy
مقاله انگلیسی
7 Financial institutions’ business models and the global transmission of monetary policy
مدلهای تجاری موسسات مالی و انتقال جهانی سیاست های پولی-2019
Global financial institutions play an important role in channeling funds across countries and, therefore, transmitting monetary policy from one country to another. In this paper, we study whether such international transmission depends on financial institutions’ business models. In particular, we use Dutch, Spanish, and U.S. confidential supervisory data to test whether the transmission operates differently through banks, insurance companies, and pension funds. We find marked heterogeneity in the transmission of monetary policy across the three types of institutions, across the three banking systems, and across banks within each banking system. While insurance companies and pension funds do not transmit home-country monetary policy internationally, banks do, with the direction and strength of the transmission determined by their business models and balance sheet characteristic
Keywords: Monetary policy transmission | Global financial institutions | Bank lending channel | Portfolio channel | Business models
مقاله انگلیسی
8 Banking sector globalization and monetary policy transmission: Evidence from Asian countries
جهانی سازی بخش بانکی و انتقال سیاست های پولی: شواهدی از کشورهای آسیایی-2019
Cetorelli and Goldberg (2012a) have shown that U.S. global banks (those with foreign subsidiaries) can smooth the effects of monetary policy tightening on their lending through drawing on subsidiary resources, giving a hampering of policy transmission. In panel data for Asian banks we find strong evidence of the hampering of policy transmission to interest rates on bank loans, and weaker evidence of hampering in transmission to lending quantities. We also present evidence that financial interdependence within global banks is consistent with the internal capital markets hypothesis that underpins reduced transmission of monetary policy in a globalized banking system
Keywords: Global banks | Monetary policy transmission | Bank lending channel | Panel data
مقاله انگلیسی
9 The safe asset, banking equilibrium, and optimal central bank monetary, prudential and balance-sheet policies
دارایی امن ، تعادل بانکی و سیاست های پولی ، محتاطانه و ترازنامه بانک مرکزی بهینه-2019
A simple equilibrium model is presented which permits the joint study of optimal Central Bank prudential, monetary and balance sheet policies in the pre and post 2008 Crisis peri- ods. It explains the new policies—the purchase of risky securities (QE), payment of interest on reserves (IR) and use of reverse repo (RRP)—as the response to the lack of safe assets in the economy, and shows why these policies were not needed to achieve optimality before 2008, but were needed for the 2008 Crisis and thereafter
Keywords: Banking equilibrium | Capital requirements | Prudential policy | Monetary policy | Balance sheet policy | Quantitative easing | Interest on reserves
مقاله انگلیسی
10 Chinese shadow banking, financial regulation and effectiveness of monetary policy
بانکداری سایه چینی ، تنظیم مالی و اثربخشی سیاست پولی-2019
This paper studies the implications of the presence of shadow banking for economic activity and the effectiveness of monetary policy in China. To explore this topic, we develop a model of the Chinese economy using a DSGE framework that accommodates interacting traditional and shadow banks. Chinas two specific banking regulations, in the form of loan-to-deposit ratio( LDR) and loan quota, only applies to the traditional banks. Our estimates show that regulation shocks have been a major driver of Chinas rising shadow banking during 2009-2016. Shadow banking leads to a higher amount of credit in the economy by helping escape constraints from traditional intermediaries, however financial frictions in the shadow banking sector create a “dual financial acceleration” mechanism. We show how the presence of shadow banking negatively affects the transmission of monetary policy and the effectiveness of macroprudential policy. We also demonstrate that deleveraging policy, that has been implemented in China tightening shadow banking in the spirit of the “look-through”, may have a contractionary impact on the economy. Efficient policy frontier analysis suggests that coordinating monetary policy and leverage ratio regulation would have helped stabilize the economy while reduce the share of shadow banking.
Keywords : Shadow banking | Financial regulation | Monetary policy
مقاله انگلیسی
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