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hal.structure.identifier
dc.contributor.authorBiondi, Yuri
HAL ID: 181420
ORCID: 0000-0002-5545-5550
*
hal.structure.identifier
dc.contributor.authorZhou, Feng*
dc.date.accessioned2018-11-07T15:33:28Z
dc.date.available2018-11-07T15:33:28Z
dc.date.issued2019
dc.identifier.issn1860-711X
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/18208
dc.language.isoenen
dc.subjectinterbank credit
dc.subjectmoney market
dc.subjectpayments system
dc.subjectcredit network
dc.subjectfinancial regulation
dc.subjectmacroprudential regulation
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 stability
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.
dc.relation.isversionofjnlnameJournal of Economic Interaction and Coordination
dc.relation.isversionofjnlvol14
dc.relation.isversionofjnlissue3
dc.relation.isversionofjnldate2019
dc.relation.isversionofjnlpages437-468
dc.relation.isversionofdoi10.1007/s11403-018-0230-y
dc.identifier.urlsitehttp://dx.doi.org/10.2139/ssrn.2924402
dc.relation.isversionofjnlpublisherSpringer
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2019-11-22T17:35:24Z
hal.identifierhal-01915511*
hal.version1*
hal.update.actionupdateFiles*
hal.update.actionupdateMetadata*
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