Essays in empirical banking and financial stability
In the first two chapters of this thesis, I study the effects of financial stability policies on bank behavior. Thus, in the first chapter, I analyze whether liquidity provision mechanisms may have unintended redistributive consequences for the credit markets. I show that by accepting certain assets...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2017 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/459159 |
| Acceso en línea: | http://hdl.handle.net/10803/459159 |
| Access Level: | acceso abierto |
| Palabra clave: | Financial stability Estabilitat financera 33 |
| Sumario: | In the first two chapters of this thesis, I study the effects of financial stability policies on bank behavior. Thus, in the first chapter, I analyze whether liquidity provision mechanisms may have unintended redistributive consequences for the credit markets. I show that by accepting certain assets as collateral, the central bank can significantly alter bank competition and, therefore, prices in the primary markets of asset. The second chapter analyzes the efficacy of a central bank policy of hedger of last resort. It demonstrates that by absorbing on its balance sheet part of the FX risks, the central bank can affect funding costs of the domestic credit institutions and, by doing so, support bank loan supply. The last chapter presents evidence on the importance of asset encumbrance for credit risks of banks. It documents that while in normal circumstances encumbrance is associated with smaller credit risk premiums, it can be heavily priced in for financially-troubled banks. |
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