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Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

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by Stephen Cecchetti & Tommaso Mancini Mr. Griffoli
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Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? by Stephen Cecchetti & Tommaso Mancini Mr. Griffoli

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.

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Ebook Details
Pages: 31
Size: 2.1 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2017
ISBN: 9781475588828 (DRM-EPUB)
9781475588880 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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04/29/2017
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