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dc.contributor.authorZhou, Feng
dc.contributor.authorBiondi, Yuri
dc.contributor.authorZhou, Feng
dc.date.accessioned2018-11-07T15:33:28Z
dc.date.available2018-11-07T15:33:28Z
dc.date.issued2018
dc.identifier.issn1860-711X
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/18208
dc.language.isoenen
dc.subjectinterbank crediten
dc.subjectmoney marketen
dc.subjectpayments systemen
dc.subjectcredit networken
dc.subjectfinancial regulationen
dc.subjectmacroprudential regulationen
dc.subject.ddc332en
dc.subject.classificationjelM.M4.M41en
dc.subject.classificationjelG.G2.G28en
dc.subject.classificationjelG.G2.G21en
dc.subject.classificationjelE.E5.E58en
dc.subject.classificationjelE.E5.E51en
dc.subject.classificationjelE.E4.E42en
dc.titleInterbank credit and the money manufacturing process: a systemic perspective on financial stabilityen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenInterbank 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.en
dc.relation.isversionofjnlnameJournal of Economic Interaction and Coordination
dc.relation.isversionofjnldate2018
dc.relation.isversionofdoi10.1007/s11403-018-0230-yen
dc.identifier.urlsitehttp://dx.doi.org/10.2139/ssrn.2924402en
dc.relation.isversionofjnlpublisherSpringeren
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2018-09-18T14:08:57Z
hal.person.labIds
hal.person.labIds140237
hal.person.labIds
hal.identifierhal-01915511*


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