当前位置: X-MOL 学术Metroeconomica › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Shadow banking and financial intermediation
Metroeconomica ( IF 1.297 ) Pub Date : 2021-06-28 , DOI: 10.1111/meca.12346
Gökçer Özgür 1
Affiliation  

This article investigates the nature of shadow banking and its effects on bank lending and funding conditions in the U.S. financial markets. It, first, reviews the main instruments of this credit intermediation and the procyclical patterns in it. Second, it estimates two indicators of shadow banking activities and uses these indicators in Markov-switching (MS) and vector autoregressive models. The MS models detect two regimes for bank lending, and these regimes reflect the expansion and contraction phases of bank lending cycles. Shadow banking is positively (negatively) associated with bank lending in the expansion (contraction) phases. Another model that uses impulse-response analysis shows that shadow banking has a positive effect on the risk premium and a negative effect on term spread.

中文翻译:

影子银行和金融中介

本文调查了影子银行的性质及其对美国金融市场银行贷款和融资条件的影响。首先,回顾了这种信用中介的主要工具及其中的顺周期模式。其次,它估计了影子银行活动的两个指标,并将这些指标用于马尔可夫转换 (MS) 和向量自回归模型。MS 模型检测了两种银行贷款制度,这些制度反映了银行贷款周期的扩张和收缩阶段。在扩张(收缩)阶段,影子银行与银行贷款正(负)相关。另一个使用脉冲响应分析的模型表明,影子银行对风险溢价有正面影响,对期限利差有负面影响。
更新日期:2021-06-28
down
wechat
bug