Monetary policy and macro-prudential regulation: the risk-sharing paradigm

Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there...

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Autor principal:	Mian, Atif R.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA CRISIS FINANCIERA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3809
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spelling	oai-20.500.12580-38092021-04-24T11:08:36Z Monetary policy and macro-prudential regulation: the risk-sharing paradigm Mian, Atif R. POLÍTICA MONETARIA CRISIS FINANCIERA Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp downward movement in the price of the asset that was being financed with debt. Third there is no apparent 'real shock' that one can point a figure at for the large drop in asset prices. In particular there is no major productionside disruption such as the failure of a technology political coup or breakout of large-scale disease. Yet the financial shocks translate into a deep and long economic recession. Why? 2019-11-01T00:06:12Z 2019-11-01T00:06:12Z 2014 Artículo 978-956-7421-45-9 https://hdl.handle.net/20.500.12580/3809 eng Series on Central Banking Analysis and Economic Policies no. 19 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 315-330 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA CRISIS FINANCIERA
spellingShingle	POLÍTICA MONETARIA CRISIS FINANCIERA Mian, Atif R. Monetary policy and macro-prudential regulation: the risk-sharing paradigm
description	Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp downward movement in the price of the asset that was being financed with debt. Third there is no apparent 'real shock' that one can point a figure at for the large drop in asset prices. In particular there is no major productionside disruption such as the failure of a technology political coup or breakout of large-scale disease. Yet the financial shocks translate into a deep and long economic recession. Why?
format	Artículo
author	Mian, Atif R.
author_facet	Mian, Atif R.
author_sort	Mian, Atif R.
title	Monetary policy and macro-prudential regulation: the risk-sharing paradigm
title_short	Monetary policy and macro-prudential regulation: the risk-sharing paradigm
title_full	Monetary policy and macro-prudential regulation: the risk-sharing paradigm
title_fullStr	Monetary policy and macro-prudential regulation: the risk-sharing paradigm
title_full_unstemmed	Monetary policy and macro-prudential regulation: the risk-sharing paradigm
title_sort	monetary policy and macro-prudential regulation: the risk-sharing paradigm
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3809
work_keys_str_mv	AT mianatifr monetarypolicyandmacroprudentialregulationtherisksharingparadigm
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Monetary policy and macro-prudential regulation: the risk-sharing paradigm

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