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Export to Refworks부가기능
The (Other) deleveraging
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | The (Other) deleveraging/ Manmohan Singh. |
| 개인저자 | Singh, Manmohan,1964- author. |
| 단체저자명 | International Monetary Fund. Research Department. |
| 발행사항 | [Place of publication not identified]: International Monetary Fund, 2012. |
| 형태사항 | 1 online resource: illustrations. |
| 총서사항 | IMF working paper;WP/12/179 |
| ISBN | 1475585152 9781475585155 |
| 서지주기 | Includes bibliographical references. |
| 요약 | Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show that post-Lehman there has been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower than the peak of $10 trillion as of end-2007. This paper updates Singh (2011) and we use this data to compare with the monetary aggregates (largely due to QE efforts in US, Euro area and UK), and discuss the overall financial lubrication that likely impacts the conduct of global monetary policy. |
| 일반주제명 | Financial leverage. Hedge funds. Securities. Monetary policy. BUSINESS & ECONOMICS --Finance. Financial leverage. Hedge funds. Monetary policy. Securities. |
| 언어 | 영어 |
| 바로가기 |  |
