دانلود مقاله ISI انگلیسی شماره 48446
عنوان فارسی مقاله

سیاست های اعتباری فدرال رزرو: آخرین مرجع یک وام دهنده چیست؟

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48446 2014 4 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Fed Credit Policy: What is a Lender of Last Resort?
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Economic Dynamics and Control, Volume 49, December 2014, Pages 135–138

کلمات کلیدی
EFed - بانک مرکزی - فدرال رزرو - بسیار بزرگ برای شکست - اقتصاد - وضوح
پیش نمایش مقاله
پیش نمایش مقاله سیاست های اعتباری فدرال رزرو: آخرین مرجع یک وام دهنده چیست؟

چکیده انگلیسی

Discussions of the Fed׳s financial crisis lending – and its role as “Lender of Last Resort” more generally – often overlook the distinction between monetary policy and credit policy. Central bank actions constitute monetary policy if they alter the quantity of the bank׳s monetary liabilities, but constitute credit policy if they alter the composition of the bank׳s portfolio without affecting the outstanding amount of monetary liabilities. In the 19th century, Henry Thornton and Walter Bagehot advocated Lender of Last Resort policies as a means of expanding the money supply when the demand for money surged in a crisis. In contrast, the Fed׳s recent crisis lending for the most part left its outstanding monetary liabilities unaffected, and thus represented credit policy, not Lender of Last Resort activity. Credit allocation in a crisis is potentially costly because it affects market participants׳ beliefs about the likelihood of future central bank rescues, which in turn reduces their incentive to protect themselves against financial distress and thus exacerbates financial instability. Credible limits on credit policy thus are critical to central banks׳ core policy mission. One path to establishing such limits is to create “living wills” that detail how to resolve large, complex financial firms without government support.

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