Essays on Enhancing Financial Stability and Macroprudential Policy

加强金融稳定和宏观审慎政策论文

• 批准号: 2205067
• 金额: --
• 依托单位: Durham University
• 依托单位国家: 英国
• 项目类别: Studentship
• 财政年份: 2019
• 资助国家: 英国
• 起止时间: 2019 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=studentship-2205067
• 关键词: Essays; Enhancing; Financial; Stability; Macroprudential

The recent financial crisis has brought the search for a marketdesign that ensures stable bank funding at the top of regulator'spolicy agenda. Traditional banking is rapidly changing.Securitization, shadow banking, persistently low interest rateshave created a new economic environment. How do interestrates affect the susceptiblity of the banking system in the longterm?Should financial and monetary authorities coordinatetheir actions? Should financial stability considerations be addedinto monetary policy rules? How prudential regulation mustadjust to the emergence of shadow banking? Are bailouts athing of the past? The extant literature is silent on thesequestions. The thesis will address these questions to introducenew pillars for macroprudential policy that will affect the waytraditional banking provides lending, deposit taking, access tolender of last resort and deposit insurance. In addition, thethesis will develop a novel theory within an agent-based multilayeredframework of the interbank market to study uncertaintyin financial networks, and its effect on credit risk and thesupply of funding to the economy. Finally, the model will alsostudy central banks policies to aleviate market freezes and toenhance financial stability.

最近的金融危机使寻求一种确保银行稳定融资的市场设计成为监管机构政策议程的重中之重。传统银行业日新月异，证券化、影子银行、持续低息创造了新的经济环境。从长远来看，利率如何影响银行体系的脆弱性？金融和货币当局是否应该协调行动？金融稳定方面的考量应该纳入货币政策规则吗？审慎监管必须如何适应影子银行的出现？纾困是过去式了吗？现存的文学作品对这些问题都是沉默的。本文将解决这些问题，以引入宏观审慎政策的新支柱，这些支柱将影响传统银行业提供贷款、吸收存款、接触最后贷款人和存款保险的方式。此外，本文还将在银行间市场的基于代理人的多层次框架内发展一种新的理论来研究金融网络中的不确定性及其对信用风险和对经济的资金供应的影响。最后，该模型还将研究央行的政策，以消除市场冻结和增强金融稳定。