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Capital Flows and the Risk-Taking Channel of Monetary Policy / Valentina Bruno, Hyun Song Shin.
- Format:
- Book
- Author/Creator:
- Bruno, Valentina.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w18942.
- NBER working paper series no. w18942
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- 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.
- Notes:
- Print version record
- April 2013.
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