Risk premium shifts and monetary policy: a coordination approach

Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquid...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Morris, Stephen, Song Shin, Hyun
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	RIESGO FINANCIERO POLÍTICA MONETARIA CRISIS ECONÓMICA 2008 BANCOS MERCADO FINANCIERO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3851
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai-20.500.12580-3851
record_format	dspace
spelling	oai-20.500.12580-38512021-04-24T11:12:46Z Risk premium shifts and monetary policy: a coordination approach Morris, Stephen Song Shin, Hyun RIESGO FINANCIERO POLÍTICA MONETARIA CRISIS ECONÓMICA 2008 BANCOS MERCADO FINANCIERO Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquidity in line with the shift in the pattern of financial intermediation as global banks have increasingly given way to long-term investors operating in the bond market. Long-term investors are often portrayed as a stabilizing influence in financial markets absorbing losses without insolvency and cushioning market shocks caused by leveraged players. However recent episodes such as the so-called taper tantrum of 2013 have shown that even long-term investors may have limited appetite for losses and that they will join in a selling spree when one arrives. The issue of evaporating market liquidity and one-sided markets in the face of concerted selling by investors has occupied an important place in recent policy discussions. 2019-11-01T00:07:34Z 2019-11-01T00:07:34Z 2016 Artículo 978-956-7421-52-7 https://hdl.handle.net/20.500.12580/3851 eng Series on Central Banking Analysis and Economic Policies no. 24 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 131-150 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	RIESGO FINANCIERO POLÍTICA MONETARIA CRISIS ECONÓMICA 2008 BANCOS MERCADO FINANCIERO
spellingShingle	RIESGO FINANCIERO POLÍTICA MONETARIA CRISIS ECONÓMICA 2008 BANCOS MERCADO FINANCIERO Morris, Stephen Song Shin, Hyun Risk premium shifts and monetary policy: a coordination approach
description	Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquidity in line with the shift in the pattern of financial intermediation as global banks have increasingly given way to long-term investors operating in the bond market. Long-term investors are often portrayed as a stabilizing influence in financial markets absorbing losses without insolvency and cushioning market shocks caused by leveraged players. However recent episodes such as the so-called taper tantrum of 2013 have shown that even long-term investors may have limited appetite for losses and that they will join in a selling spree when one arrives. The issue of evaporating market liquidity and one-sided markets in the face of concerted selling by investors has occupied an important place in recent policy discussions.
format	Artículo
author	Morris, Stephen Song Shin, Hyun
author_facet	Morris, Stephen Song Shin, Hyun
author_sort	Morris, Stephen
title	Risk premium shifts and monetary policy: a coordination approach
title_short	Risk premium shifts and monetary policy: a coordination approach
title_full	Risk premium shifts and monetary policy: a coordination approach
title_fullStr	Risk premium shifts and monetary policy: a coordination approach
title_full_unstemmed	Risk premium shifts and monetary policy: a coordination approach
title_sort	risk premium shifts and monetary policy: a coordination approach
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3851
work_keys_str_mv	AT morrisstephen riskpremiumshiftsandmonetarypolicyacoordinationapproach AT songshinhyun riskpremiumshiftsandmonetarypolicyacoordinationapproach
_version_	1718346488305680384

Risk premium shifts and monetary policy: a coordination approach

Ejemplares similares