货币宽松、投资不足和金融不稳定

IF 3.1 1区 经济学 Q2 BUSINESS, FINANCE Journal of Financial Intermediation Pub Date : 2024-07-01 DOI:10.1016/j.jfi.2024.101100
Viral V. Acharya , Guillaume Plantin , Pietro Reggiani , Iris Yao
{"title":"货币宽松、投资不足和金融不稳定","authors":"Viral V. Acharya ,&nbsp;Guillaume Plantin ,&nbsp;Pietro Reggiani ,&nbsp;Iris Yao","doi":"10.1016/j.jfi.2024.101100","DOIUrl":null,"url":null,"abstract":"<div><p>Low monetary policy rates lower the cost of capital for firms, thereby spurring productive investment. Low interest rates however can also induce the private sector to enter into risky carry trades when they imply that the earned carry more than offsets liquidity risk. Such carry trades and productive investment compete for funds, so much so that the former may crowd out the latter. Below an endogenous lower bound, monetary easing generates only limited capital expenditures that come at the cost of large and destabilizing financial risk-taking. Absent the ability to regulate carry trades, monetary easing must be complemented with a restrictive emergency-lending policy in the form of higher lending rates so as to discourage risk-taking by relatively illiquid firms. Monetary easing, tepid investment response, and rollover risk for liquid firms then arise jointly (and optimally) in equilibrium.</p></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"59 ","pages":"Article 101100"},"PeriodicalIF":3.1000,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Monetary easing, lack of investment and financial instability\",\"authors\":\"Viral V. Acharya ,&nbsp;Guillaume Plantin ,&nbsp;Pietro Reggiani ,&nbsp;Iris Yao\",\"doi\":\"10.1016/j.jfi.2024.101100\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Low monetary policy rates lower the cost of capital for firms, thereby spurring productive investment. Low interest rates however can also induce the private sector to enter into risky carry trades when they imply that the earned carry more than offsets liquidity risk. Such carry trades and productive investment compete for funds, so much so that the former may crowd out the latter. Below an endogenous lower bound, monetary easing generates only limited capital expenditures that come at the cost of large and destabilizing financial risk-taking. Absent the ability to regulate carry trades, monetary easing must be complemented with a restrictive emergency-lending policy in the form of higher lending rates so as to discourage risk-taking by relatively illiquid firms. Monetary easing, tepid investment response, and rollover risk for liquid firms then arise jointly (and optimally) in equilibrium.</p></div>\",\"PeriodicalId\":51421,\"journal\":{\"name\":\"Journal of Financial Intermediation\",\"volume\":\"59 \",\"pages\":\"Article 101100\"},\"PeriodicalIF\":3.1000,\"publicationDate\":\"2024-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Intermediation\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1042957324000287\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Intermediation","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1042957324000287","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

低货币政策利率降低了企业的资本成本,从而刺激了生产性投资。然而,当低利率意味着所赚取的利差超过了流动性风险时,也会诱使私营部门进行高风险的利差交易。这种利差交易和生产性投资会争夺资金,以至于前者可能会挤掉后者。在内生下限以下,宽松货币政策只能带来有限的资本支出,而这是以大量的、破坏稳定的金融风险承担为代价的。由于缺乏监管套利交易的能力,货币宽松政策必须辅之以限制性的紧急贷款政策,即提高贷款利率,以阻止流动性相对较差的企业承担风险。这样,货币宽松、投资反应迟缓以及流动性差的企业的展期风险就会在均衡状态下共同(并以最佳方式)出现。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Monetary easing, lack of investment and financial instability

Low monetary policy rates lower the cost of capital for firms, thereby spurring productive investment. Low interest rates however can also induce the private sector to enter into risky carry trades when they imply that the earned carry more than offsets liquidity risk. Such carry trades and productive investment compete for funds, so much so that the former may crowd out the latter. Below an endogenous lower bound, monetary easing generates only limited capital expenditures that come at the cost of large and destabilizing financial risk-taking. Absent the ability to regulate carry trades, monetary easing must be complemented with a restrictive emergency-lending policy in the form of higher lending rates so as to discourage risk-taking by relatively illiquid firms. Monetary easing, tepid investment response, and rollover risk for liquid firms then arise jointly (and optimally) in equilibrium.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
8.60
自引率
7.70%
发文量
45
期刊介绍: The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.
期刊最新文献
Can information imprecision be valuable? The case of credit ratings Religion and branch banking Optimal timing of policy interventions in troubled banks The costs of corporate debt overhang Whatever it takes? Market maker of last resort and its fragility
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1