资源描述：
《Money Liquidity and Monetary Policy-lecture note》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、Money,Liquidity,andMonetaryPolicyByTobiasAdrianandHyunSongShin(AmericanEconomicReview,2009)Traditionally,bankswerethedominantsuppliersofcredit,buttheirrolehasincreasinglybeensupplantedbymarket-basedinstitutions—especiallythoseinvolvedinthesecuritizationpr
2、ocess.1Asimilarpictureholdsforresidentialmortgagelending.Asrecentlyastheearly1980s,bankswerethedominantholdersofhomemortgages,butbank-basedholdingswereovertakenbymarket-basedholders.2Bank-basedintermediariesconsistofcommercialbanks,savingsinstitutions,and
3、creditunions.Market-basedintermediariesincludethegovernment-sponsoredenterprise(GSE)mortgagepools,privatelabelmortgagepools,andtheGSEholdingsthemselves,whereamortgagepoolisagroupofmortgagesheldintrustascollateralfortheissuanceofamortgage-backedsecurity.Ma
4、rket-basedholdingsnowconstitutetwo-thirdsofthe$11trilliontotalofhomemortgages.3Market-basedcredithasseenthemostdramaticcontractioninthecurrentfinancialcrisis.Themostdramaticfallisinthesubprimecategory,butcreditsupplyofallcategorieshascollapsed.4Commercial
5、banklendinghaspickeduppaceafterthestartofthefinancialcrisis,evenasmarket-basedprovidersofcredithavecontractedrapidly.Bankshavetraditionallyplayedtheroleofabufferfortheirborrowersinthefaceofdeterioratingmarketconditions(asduringthe1998crisis)andareplayinga
6、similarroleinthecurrentcrisis.Thedryingupofcreditinthecapitalmarketswouldhavebeenmissed,however,ifonepaidattentiontobank-basedlendingonly.5I.Market-BasedIntermediariesBroker-dealers(securitiesfirms)havebalancesheetsconsistingofmarketableclaimsorshort-term
7、itemsthataremarkedtomarket.Broker-dealershavetraditionallyplayedmarket-makingandunderwritingrolesinsecuritiesmarkets,buttheirimportanceinthesupplyofcredit(purchasingandholdingsecurities)hasincreasedinstepwithsecuritization.Figure6showsthechartofquarterlyc
8、hangeinassetsagainstthequarterlychangeinleverageoffiveUSinvestmentbanks(BearStearns,GoldmanSachs,LehmanBrothers,MerrillLynch,andMorganStanley).6Thestrikingfeatureisthatleverageisprocyclicalinthesensethatleverageisin
