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|z 9781475588644
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|a 1018-5941
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|a BD-DhAAL
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|a Cecchetti, Stephen.
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|a Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? /
|c Stephen Cecchetti, Tommaso Mancini Griffoli, Machiko Narita.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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|a 1 online resource (31 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a Mancini Griffoli, Tommaso.
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|a Narita, Machiko.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/065
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2017/065/001.2017.issue-065-en.xml
|z IMF e-Library
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