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dc.contributor.authorAdrian, Tobiasen_US
dc.contributor.authorShin, Hyun Songen_US
dc.date.accessioned2010-04-28en_US
dc.date.accessioned2012-08-17T14:35:21Z-
dc.date.available2012-08-17T14:35:21Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/60839-
dc.description.abstractIn a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are determinants of the cost of leverage and are found to be important in influencing the size of financial intermediary balance sheets. However, except for periods of crises, higher balance-sheet growth tends to be followed by lower interest rates, and slower balance-sheet growth is followed by higher interest rates. This suggests that consideration might be given to a monetary policy that anticipates the potential disorderly unwinding of leverage. In this sense, monetary policy and financial stability policies are closely linked.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 346en_US
dc.subject.jelE50en_US
dc.subject.jelG20en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary policyen_US
dc.subject.keywordfinancial stabilityen_US
dc.subject.keywordfinancial intermediationen_US
dc.subject.keywordsecurity brokers and dealersen_US
dc.subject.keywordcommercial banksen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwFinanzintermediären_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwUSAen_US
dc.titleFinancial intermediaries, financial stability, and monetary policyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587563303en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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