Financial Disintermediation and Financial Fragility
Financial Disintermediation and Financial Fragility
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发表时间：
2015-11
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通讯作者：
Kosuke Aoki;Kalin Nikolov
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作者：
Kosuke Aoki;Kalin Nikolov
本文研究了公司债券市场和影子银行部门的扩张如何影响金融体系对危机的敏感性。我们表明，公司债券市场会增加银行业的脆弱性，尽管它也会减弱银行业危机的影响。影子银行允许更高的金融体系杠杆率，从而进一步增加银行的风险承担和脆弱性。由于影子银行部门依赖银行资本运营，因此无法提供资金多元化，无法抵消银行业危机对实体经济的影响。
This paper investigates how expanding the corporate bond market and the shadow banking sector affect the susceptibility of the financial system to crisis. We show that the corporate bond market can increase banking fragility although it also diminishes the impact of banking crises. Shadow banking allows higher financial system leverage and thus increases bank risk taking and fragility even further. Because it relies on bank capital for its operations, the shadow banking sector provides no funding diversi cation and cannot offset the real economy impact of a banking crisis.