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Liquidity and Leverage
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, and eliciting responses from financial intermediaries…
Social Value of Public Information
What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? We examine the impact of public…
Global Games: Theory and Applications
Many economic problems are naturally modeled as a game of incomplete information, where a player’s payoff depends on his own action, the actions of others, and some unknown economic fundamentals. For…
Financial Intermediaries and Monetary Economics
We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle through…
Capital Flows and the Risk-Taking Channel of Monetary Policy
- Valentina Bruno, H. Shin
- Economics
- 14 March 2013
Cross-Border Banking and Global Liquidity
- Valentina Bruno, H. Shin
- Economics
- 1 September 2014
We investigate global factors associated with bank capital flows. We formulate a model of the international banking system where global banks interact with local banks. The solution highlights the…
Liquidity Risk and Contagion
- R. Cifuentes, Gianluigi Ferrucci, H. Shin
- Economics
- 5 April 2005
This paper explores liquidity risk in a system of interconnected financial institutions when these institutions are subject to regulatory solvency constraints and mark their assets to market. When…
Money, Liquidity, and Monetary Policy
In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial…
The fundamental principles of financial regulation
- Markus K. Brunnermeier, A. Crockett, C. Goodhart, A. Persaud, H. Shin
- Economics
- 2 July 2009
Today's financial regulatory systems assume that regulations which make individual banks safe also make the financial system safe. The eleventh Geneva Report on the World Economy shows that this…
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