Skip to main content
main-content

Tipp

Weitere Artikel dieser Ausgabe durch Wischen aufrufen

11.09.2018 | Regular Article | Ausgabe 3/2019

Journal of Economic Interaction and Coordination 3/2019

Interbank credit and the money manufacturing process: a systemic perspective on financial stability

Zeitschrift:
Journal of Economic Interaction and Coordination > Ausgabe 3/2019
Autoren:
Yuri Biondi, Feng Zhou
Wichtige Hinweise
Financial Regulation Research Lab (Labex ReFi) Working Paper, Paris.
Previous versions of this article were presented at the following events: Bank of England Conference in honour of Distinguished Professor William A. Barnett, Bank of England, London, 23–24 May 2017; 3rd International Workshop on “Financial Markets and Nonlinear Dynamics” (FMND), Paris, 1–2 June 2017; 22nd annual Workshop on the Economic Science with Heterogeneous Interacting Agents (WEHIA), Catholic University of Milano, June 12–14, 2017; 34th Symposium on Money, Banking and Finance, University of Paris Nanterre, Paris, 5–6 July 2017; Banque de France Seminar, Paris, February 16, 2018.

Abstract

Interbank lending and borrowing occur when financial institutions seek to settle and refinance their mutual positions over time and circumstances. This interactive process involves money creation at the aggregate level. Coordination mismatch on interbank credit may trigger systemic crises. This happened when, since summer 2007, interbank credit coordination did not longer work smoothly across financial institutions, eventually requiring exceptional monetary policies by central banks, and guarantee and bailout interventions by governments. Our article develops an interacting heterogeneous agent-based model of interbank credit coordination under minimal institutions. First, we explore the link between interbank credit coordination and the money generation process. Contrary to received wisdom, interbank credit has the capacity to remove the inner limits of monetary system capacitance. Second, we develop simulation analysis on imperfect interbank credit coordination, studying impact of interbank dynamics on financial stability and resilience at individual and aggregate levels. Systemically destabilizing forces prove to be related to the working of the banking system over time, especially interbank coordination conditions and circumstances.

Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten

Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 69.000 Bücher
  • über 500 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Umwelt
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Testen Sie jetzt 30 Tage kostenlos.

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 58.000 Bücher
  • über 300 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Testen Sie jetzt 30 Tage kostenlos.

Literatur
Über diesen Artikel

Weitere Artikel der Ausgabe 3/2019

Journal of Economic Interaction and Coordination 3/2019 Zur Ausgabe

Premium Partner

    Bildnachweise