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Inside Money, Procyclical Leverage, and Banking Catastrophes
We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share...
| Autores principales: | , , |
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| Formato: | Online Artículo Texto |
| Lenguaje: | English |
| Publicado: |
Public Library of Science
2014
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| Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4138099/ https://www.ncbi.nlm.nih.gov/pubmed/25136959 http://dx.doi.org/10.1371/journal.pone.0104219 |