How capital regulation and other factors drive the role of shadow banking in funding short-term business credit
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- 作者：John V. Duca ; john.v.duca@dal.frb.org" class="auth_mail" title="E-mail the corresponding author
- 关键词：E44 ; E50 ; N12
- 刊名：Journal of Banking & Finance
- 出版年：2016
- 出版时间：August 2016
- 年：2016
- 卷：69
- 期：supp_S1
- 页码：S10-S24
- 全文大小：672 K
文摘
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The paper empirically models the shadow bank share of short-term business credit in the U.S.
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Several variables are used to track various short- and long-term factors suggested by various strands of literature.
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Capital and reserve requirement arbitrage—along with information costs—drive the shadow bank share in the long-run.
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Deposit regulation, the economic outlook, event risks, and risk premia drive the shadow bank share in the short-run.
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The shadow bank share is vulnerable to short-run liquidity shocks and is pro-cyclical as stressed in recent literature.