Money Creation and the Shadow Banking System

• 成果类型: Article
• 署名作者: Sunderam, Adi
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu083
• 发表日期: 2015
• 页码: 939
• 关键词: FINANCIAL-INTERMEDIARIES; transactions demand; liquidity; GROWTH

摘要

It is widely argued that shadow banking grew rapidly before the recent financial crisis because of rising demand for money-like claims. This paper assesses a key premise of this argument: that investors actually treated short-term debt issued by shadow banks as a money-like claim. I present a model where the financial sector and the central bank jointly respond to demand for money-like claims. The model generates predictions about the prices and quantities of Treasury bills, central bank reserves, and shadow bank debt. These predictions are borne out in the data, suggesting investors did treat shadow bank debt as money-like.