Monetary policy and macro-prudential regulation: the risk-sharing paradigm

dc.contributor.author	Mian, Atif R.
dc.date.accessioned	2019-11-01T00:06:12Z
dc.date.available	2019-11-01T00:06:12Z
dc.date.issued	2014
dc.identifier.isbn	978-956-7421-45-9
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3809
dc.description	Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp downward movement in the price of the asset that was being financed with debt. Third there is no apparent 'real shock' that one can point a figure at for the large drop in asset prices. In particular there is no major productionside disruption such as the failure of a technology political coup or breakout of large-scale disease. Yet the financial shocks translate into a deep and long economic recession. Why?
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 315-330
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Series on Central Banking Analysis and Economic Policies no. 19
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	POLÍTICA MONETARIA	es_ES
dc.subject	CRISIS FINANCIERA	es_ES
dc.title	Monetary policy and macro-prudential regulation: the risk-sharing paradigm
dc.type.doc	Artículo
dc.file.name	BCCh-sbc-v19-p315_330

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