Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/59301
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dc.contributor.authorDetzer, Danielen_US
dc.date.accessioned2012-06-22en_US
dc.date.accessioned2012-06-22T11:33:32Z-
dc.date.available2012-06-22T11:33:32Z-
dc.date.issued2012en_US
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_US
dc.language.isoengen_US
dc.publisher|aInst. for International Political Economy |cBerlinen_US
dc.relation.ispartofseries|aWorking Paper, Institute for International Political Economy Berlin |x13/2012en_US
dc.subject.jelE00en_US
dc.subject.jelE12en_US
dc.subject.jelE52en_US
dc.subject.jelG12en_US
dc.subject.jelG18en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary Policyen_US
dc.subject.keywordBanking Regulationen_US
dc.subject.keywordAsset Pricesen_US
dc.subject.keywordBubblesen_US
dc.subject.keywordMinskyen_US
dc.subject.keywordFinancial Instability Hypothesisen_US
dc.subject.keywordAsset Based Reserve Requirementsen_US
dc.subject.keywordCapital Requirementsen_US
dc.subject.keywordMacroprudential Regulationen_US
dc.titleNew instruments for banking regulation and monetary policy after the crisisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn718108477en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:ipewps:132012-

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