Shadow bankingReal effectCapital reallocationInnovationChinaWe provide firm-level evidence on the real effects of shadow banking in terms of technological innovation. Firm-to-firm entrusted loans, the largest part of theTian, XuanTu, GuoqianWang, Yichu...
摘要 本文基于所构建的TVP VAR模型,检验了我国影子银行规模变动对金融资产价格的溢出效应。研究结果发现,影子银行规模的增加对商业银行同业拆放利率、房地产价格、股票市场价格指数和人民币实际有效汇率指数具有正向冲击。宏观经济政策调整使经济系统结构发生改变,从而
2.1. The Structure of Interbank Network with Shadow Banking A dynamic complex interbank network system with shadow banking is constructed, in which commercial banks and shadow banks form a network including connections to the real economy; here, the real economy represents the rest of economy, namel...
We model a shadow banking system by treating the banks as warehouse banks that perform the critical functions of clearing and settlement for the shadow banking complex. For this, they are treated as holding reserves as their only assets while issuing deposit liabilities. The money multiplier is th...
In recent years, however, I find that the shadow banking loans have a positive effect on real estate investments only, and their effects on investments by private firms outside the real estate sector have been negative. 展开 关键词: banking system credit allocation investment allocation shadow ...
Thecurrent,nancialcrisishashighlightedthechangingroleof,nancialinstitutionsandthegrowingimportanceofthe“shadowbankingsystem”thatgrewonthebackofthesecuritisationofassetsandtheintegrationofbankingwithcapitalmarketdevelopments.ThistrendhasbeenmostpronouncedintheUnitedStates,buthashadaprofoundin,uencefortheglobal,nancialsys...
Altogether, our evidence suggests that banking competition leads to economic growth by inducing credit provision, but may increase the risk of financial instability by increasing bank risk-taking. 展开 关键词: Banking Banking Competition Risk Taking Credit Provision Real Effects Financial Crisis Panic of...
In the Shadow of Shadow Banking: A Liquidity Perspective By Ping He; Tsinghua UniversityZehao Liu; Renmin University of ChinaChengbo Xie; Southwestern University of Finance and Economics presented by: Zehao Liu, Renmin University of China Discussant: Seokwoo Lee, University of Maryland Competition ...
While shadow banks expanded with securitisation, they can also rely on the liquidity of assets they do not own. They do this by borrowing securities from insurers, pension and mutual funds, custodians, and collateral reinvestment programmes.5In exchange, the beneficial (i.e. real) owners of suc...
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