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dc.contributor.authorAdrian, Tobiasen
dc.contributor.authorShin, Hyun Songen
dc.date.accessioned2010-04-28-
dc.date.accessioned2012-08-17T14:35:21Z-
dc.date.available2012-08-17T14:35:21Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x346en
dc.subject.jelE50en
dc.subject.jelG20en
dc.subject.ddc330en
dc.subject.keywordMonetary policyen
dc.subject.keywordfinancial stabilityen
dc.subject.keywordfinancial intermediationen
dc.subject.keywordsecurity brokers and dealersen
dc.subject.keywordcommercial banksen
dc.subject.stwGeldpolitiken
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwFinanzmarkten
dc.subject.stwFinanzintermediären
dc.subject.stwFinanzsektoren
dc.subject.stwUSAen
dc.titleFinancial intermediaries, financial stability, and monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn587563303en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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