Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments
Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments
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支付模式中提供流动性的替代央行信贷政策
DOI：
10.2139/ssrn.480723
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
David C. Mills
中科院分区：
文献类型：
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作者：
David C. Mills
我在一个理论模型中探索了其他信贷政策，其中(I)货币是必要的支付手段，(Ii)央行通过扩大信贷来解决流动性短缺，(Iii)货币是偿还债务所必需的，以及(Iv)违约的诱因是明确的和取决于设计的信贷政策。利用机制设计的方法，我比较了对信贷收取利率的信贷政策和要求过帐抵押品的信贷政策。我发现，当抵押品承担机会成本时，定价政策可以实现良好的配置，而抵押品政策则不能。
I explore alternative credit policies in a theoretical model where (i) money is necessary as a means of payment, (ii) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is necessary to repay debts, and (iv) the incentives to default are explicit and contingent on the credit policy designed. Using a mechanism design approach, I compare a credit policy of charging an interest rate on credit with that of requiring the posting of collateral. I find that the pricing policy can implement good allocations while the collateral policy cannot whenever collateral bears an opportunity cost.