Bank profitability, leverage and financial instability: a Minsky–Harrod model
Bank profitability, leverage and financial instability: a Minsky–Harrod model
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银行盈利能力、杠杆率和金融不稳定：明斯基-哈罗德模型
DOI：
10.1093/cje/bes078
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
Soon Ryoo
中科院分区：
文献类型：
--
作者：
Soon Ryoo
本文建立了一个股票流量一致的宏观经济模型，其中银行盈利能力和银行杠杆在决定企业负债结构中起着至关重要的作用。该模型假设银行的信贷供给取决于银行的盈利能力以及企业的利润率。我们的分析表明，银行盈利能力对信贷供应的强烈扩张效应往往会破坏经济稳定，导致由企业和银行金融行为之间的相互作用驱动的周期。本文利用这一框架讨论了海曼·明斯基在《稳定不稳定的经济》一书中提出的控制银行杠杆率和派息率的建议。牛津大学出版社.
This paper develops a stock-flow-consistent macroeconomic model where bank profitability and bank leverage play a crucial role in the determination of firms' liability structure. The model assumes that banks' credit supply depends on bank profitability as well as firms' profit–interest ratio. Our analysis suggests that a strong expansionary effect of bank profitability on credit supply tends to destabilise the economy, leading to cycles driven by the interactions between firms' and banks' financial behaviour. The formal framework is used to discuss Hyman Minsky's proposal in his Stabilizing an Unstable Economy for the control over the permissible leverage ratios and payout ratios of banks. Copyright , Oxford University Press.