Financial Regulation in a Quantitative Model of the Modern Banking System
نویسندگان
چکیده
Abstract How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a quantitative general equilibrium model with regulated and unregulated banks study unintended consequences regulation. Tighter requirements for cause higher convenience yield on debt all banks, leading bank leverage larger sector. At same time, tighter eliminates subsidies from deposit insurance, reducing competitive pressures take risks. The net effect is safer financial more banking. Calibrating data institutions US, optimal requirement around 16$\%$.
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 2021
ISSN: ['0034-6527', '1467-937X']
DOI: https://doi.org/10.1093/restud/rdab088