Examining the Link between Shadow Banking and Monetary Policy Development
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F15%3A86094418" target="_blank" >RIV/61989100:27510/15:86094418 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Examining the Link between Shadow Banking and Monetary Policy Development
Original language description
Using a structural vector autoregressive model, this paper investigates a mutual relationship between shadow banking and monetary policy within the Eurozone. The authors use impulse responses to capture reactions of shadow banking and real economy to shocks in monetary policy. Our findings show that contradictionary monetary policy shock positively influences shadow banking development in time. Conversely, it is noted that shadow banking system could cause a change in macroeconomic development, resulting in damaged price and financial stability. Concretely, reaction of macro variables to a unit positive shock that originates in a shadow banking system is as follows. We would expect short-term inter-bank interest rate (borrowing costs) to drop as the central bankers are trying to fight the shadow banking growth. The reduction of a policy interest rate results into a drop in short-term interest rates and GDP rise at impact. The inflation is reacting in reverse to interest rates.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Financial Management of Firms and Financial Institutions : 10th international scientific conference : 7th - 8th September 2015, Ostrava, Czech Republic : proceedings. [Part I - IV]
ISBN
978-80-248-3865-6
ISSN
2336-162X
e-ISSN
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Number of pages
9
Pages from-to
368-376
Publisher name
VŠB - Technical University of Ostrava
Place of publication
Ostrava
Event location
Ostrava
Event date
Sep 7, 2015
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
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