Risky banks and macro-prudential policy for emerging economies

被引：11

作者：

Cuadra, Gabriel ^{[1
]}

Nuguer, Victoria ^{[2
,3
]}

机构：

[1] Directorate Macrofinance Risk Anal, Gen Directorate Financial Stabil, Bank Mexico, Av 5 Mayo 1, Mexico City 06059, DF, Mexico

[2] Directorate Econ Studies, Gen Directorate Econ Res, Bank Mexico, Av 5 Mayo 18, Mexico City 06059, DF, Mexico

[3] Interamer Dev Bank, Dept Res & Chief Economist, 1300 New York Ave NW, Washington, DC 20016 USA

来源：

REVIEW OF ECONOMIC DYNAMICS | 2018年 / 30卷

关键词：

Cross-border bank flows; Emerging market economies; Financial frictions; Macro-prudential policy; DSGE models; MONETARY; PRICES; SHOCK;

D O I：

10.1016/j.red.2018.05.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a two-country DSGE model with financial intermediaries to analyze the role of cross-border bank flows in the transmission of a U.S. bank's balance sheet shock to emerging market economies (EMEs). In the model, banks in both countries face an agency problem when borrowing from domestic households. EME banks might also be constrained in borrowing from U.S. banks, what we call risky EME banks. A negative quality of capital shock in the United States generates a global financial crisis. EME's macro-prudential policy that targets non-core liabilities (cross-border bank flows) makes the domestic economy resilient to the volatility of cross-border bank flows and makes EME's households better off. (C) 2018 Elsevier Inc. All rights reserved.

引用

页码：125 / 144

页数：20

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