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Capital Flows and the Risk-Taking Channel of Monetary Policy
Year Of Publication: 2013
Month Of Publication: March
Pages: 45
Download Count: 1
View Count: 1149
Comment Num: 0
Language: English
Source: working paper
Who Can Read: Free
Date: 8-23-2013
Publisher: Administrator
Summary
We study the dynamics linking monetary policy with bank leverage and show that adjustments in leverage act as the linchpin in the monetary transmission mechanism that works through fluctuations in risk-taking. Motivated by the evidence, we formulate a model of the “risk-taking channel” of monetary policy in the international context that rests on the feedback loop between increased leverage of global banks and capital flows amid currency appreciation for capital recipient economies.
Author(s)
Shin, Hyun Song Sign in to follow this author
Bruno, Valentina Sign in to follow this author
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