Financial intermediaries, financial stability, and monetary policy

By Tobias Adrian, Hyun Song Shin. 2008

289 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/02c054eb1c1b26e9d7aaa02639304d3e32efa4ad

Citations in the corpus

• Monetary policy and risk taking (2015, unknown): “This channel operates in particular when short term rates are low and the yield curve upward sloping, an effect emphasised by Adrian and Shin [1].”
• Capital Flows and the Risk-Taking Channel of Monetary Policy (2015, unknown): “However, our focus is narrower in that we examine the risk-taking channel more explicitly. policy”, and Adrian and Shin (2008, 2011) and Adrian, Estrella and Shin (2009) have explored the workings of the risk-taking channel empirically, finding empirical support for the risk-taking channel for the…”
• Monetary policy after the fall (2010, unknown): “Adrian and Shin (2008) point out that even small policy rate changes can have a large impact if financial intermediaries are highly leveraged and the changes in the policy rate affect the relevant market interest rates.”
• Securitisation and Financial Stability (2009, unknown): “Although the intermediary could increase leverage in other ways - for instance, returning equity to shareholders, buying back equity by issuing long-term debt - the evidence suggests that they tend to keep equity intact and adjust the size of total assets (see Adrian and Shin (2007, 2008b)).”
• Shadow Banks and Macroeconomic Instability (2017, unknown): “Shin, and Adrian and Shin (2008), employ a value-at-risk (VaR) constraint to induce intermediaries to use up slack balance sheet capacity in upswings.”
• Illiquidity and All Its Friends (2011, unknown): “Accordingly, there is a widespread feeling that maturity mismatches have played a prominent role in the crisis and that monetary policy and financial stability are closely linked (Adrian-Shin 2008).”
• Financial Stability and Monetary Policy: How Closely Interlinked? (2014, unknown): “(2010) distinguish between (i) portfolio reallocation such as asset substitution, search for yield (Rajan 2005), and procyclical leverage (Adrian and Shin 2009) channels, which will tend to increase the share of risky assets and (ii) risk shifting, which will tend to lower risk taking. The latter ef”
• Risk Appetite and Exchange Rates (2010, unknown): “Adrian and Shin (2008a) provide a microeconomic foundation for the Value-at-Risk constraint. see that the state variables of the pricing kernel Xt, and prices of risk t, are: Xt = dRW ; xt (3.8) t = n ~ t; f 0 x o (3.9) Our empirical analysis will be in discrete time, and so we can go further by…”
• Financial Intermediaries and Monetary Economics (2010, unknown): “5See Adrian and Shin (2008c) for an argument for why the “domino model” is inappropriate for understanding the crisis of 2007 -9.”
• The impact of monetary policy announcements on the stock price of large European banks during the financial crisis (2015, unknown): “relevance of this point appears even higher if we consider that financial intermediaries, and large banks in particular, have been at the center of the financial crisis, given renewed impetus to think about the interconnection between financial stability and monetary policy (Adrian and Shin, 2008). ”
• Financial Innovation, Regulation, and Reform (2009, unknown): “Adrian and Shin (2008) show that, during the subprime boom, commercial banks and (even more so) investment banks substantially raised their leverage (which was permitted because regulatory capital standards underestimated their asset risk).”