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Interbank credit and the money manufacturing process. A systemic perspective on financial stability

hal.structure.identifier
dc.contributor.authorBiondi, Yuri
HAL ID: 181420
ORCID: 0000-0002-5545-5550
hal.structure.identifier
dc.contributor.authorZhou, Feng
dc.date.accessioned2017-10-23T13:34:05Z
dc.date.available2017-10-23T13:34:05Z
dc.date.issued2017
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/16810
dc.language.isoenen
dc.subjectinterbank crediten
dc.subjectmoney marketen
dc.subjectpayments systemen
dc.subjectcredit networken
dc.subjectfinancial regulationen
dc.subjectmacroprudential regulationen
dc.subject.ddc332en
dc.subject.classificationjelM.M4.M41en
dc.subject.classificationjelG.G2.G28en
dc.subject.classificationjelG.G2.G21en
dc.subject.classificationjelE.E5.E58en
dc.subject.classificationjelE.E5.E51en
dc.subject.classificationjelE.E4.E42en
dc.titleInterbank credit and the money manufacturing process. A systemic perspective on financial stabilityen
dc.typeCommunication / Conférence
dc.contributor.editoruniversityotherUnicersité d'Oxford;United Kingdom
dc.description.abstractenInterbank lending and borrowing occur when financial institutions seek to settle and refinance their mutual positions over time and circumstances. This interactive process involves money creation at the aggregate level. Coordination mismatch on interbank credit may trigger systemic crises. This happened when, since summer 2007, interbank credit coordination did not longer work smoothly across financial institutions, eventually requiring exceptional monetary policies by central banks, and guarantee and bailout interventions by governments. Our article develops an interacting heterogeneous agents-based model of interbank credit coordination under minimal institutions. First, we explore the link between interbank credit coordination and the money generation process. Contrary to received understanding, interbank credit has the capacity to make the monetary system unbound. Second, we develop simulation analysis on imperfect interbank credit coordination, studying impact of interbank dynamics on financial stability and resilience at individual and aggregate levels. Systemically destabilizing forces prove to be related to the working of the banking system over time, especially interbank coordination conditions and circumstances.en
dc.identifier.urlsitehttps://ssrn.com/abstract=2924402en
dc.contributor.countryeditoruniversityotherFRANCE
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitle34th Symposium on Money, Banking and Finance, Bank of Englanden
dc.relation.confdate2017-05
dc.relation.confcityLondresen
dc.relation.confcountryUnited Kingdomen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2017-09-19T14:06:07Z
hal.identifierhal-01621499*
hal.version1*
hal.author.functionaut
hal.author.functionaut


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