Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121114
Authors: 
Tsenova, Tsvetomira
Year of Publication: 
2013
Series/Report no.: 
FIW Working Paper 110
Abstract: 
This paper compares the effectiveness, efficiency and robustness of standard and non-standard monetary policy tools, such as the banks' refinancing interest rate, penalty interest rate on deposit facility holdings and minimum reserve requirements on attracted deposits. The assessment is performed on the basis of a numerically evaluated open economy general equilibrium model for macro-prudential analysis where optimal decisions by internationally linked banks are key determinants of international financial flows and wider economic outcomes. Banks differ in terms of balance sheet endowments and risk preferences, and take decisions rationally and competitively. Default risk, borrowing and lending are endogenous results of individual decisions of private agents (banks and households), as well as systemic outcomes of market interaction.
Subjects: 
Banking
Monetary Policy
Non-standard Instruments
Macro-Prudential Policies
Financial Stability
Contingency Planning
JEL: 
C68
D58
E44
E51
E52
E58
G21
Document Type: 
Working Paper

Files in This Item:
File
Size
351.2 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.