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dc.contributor.authorDetzer, Danielen
dc.date.accessioned2012-06-22-
dc.date.accessioned2012-06-22T11:33:32Z-
dc.date.available2012-06-22T11:33:32Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/59301-
dc.description.abstractThis paper analyzes two instruments - asset-based reserve requirements put forward by Thomas Palley and asset-based capital requirements proposed by Charles Goodhart and Avinash Persaud - regarding their merits in reducing excessive asset price inflation. A theoretical framework of asset pricing based on the ideas of Keynes and Minsky is developed, within which the working of the instruments is demonstrated and analyzed. It is shown that in theory both instruments are able to reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial institutions into a booming sector. It is found that asset-based reserve requirements will only work through a predictable price effect, while the effect of asset-based capital requirements is hard to predict and may even become a quantitative supply constraint. Hence, it is concluded that due to the higher predictability of asset-based reserve requirements those are more suitable for the task of tackling asset price bubbles.en
dc.language.isoengen
dc.publisher|aHochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE) |cBerlinen
dc.relation.ispartofseries|aWorking Paper |x13/2012en
dc.subject.jelE00en
dc.subject.jelE12en
dc.subject.jelE52en
dc.subject.jelG12en
dc.subject.jelG18en
dc.subject.ddc330en
dc.subject.keywordMonetary Policyen
dc.subject.keywordBanking Regulationen
dc.subject.keywordAsset Pricesen
dc.subject.keywordBubblesen
dc.subject.keywordMinskyen
dc.subject.keywordFinancial Instability Hypothesisen
dc.subject.keywordAsset Based Reserve Requirementsen
dc.subject.keywordCapital Requirementsen
dc.subject.keywordMacroprudential Regulationen
dc.titleNew instruments for banking regulation and monetary policy after the crisis-
dc.typeWorking Paperen
dc.identifier.ppn718108477en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ipewps:132012en

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