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Essays on Banking and Liquidity.

Galluzzi, Alessio.

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Essays on Banking and Liquidity.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Banking and Liquidity./
Author:	Galluzzi, Alessio.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	107 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Contained By:	Dissertations Abstracts International81-04A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13897055
ISBN:	9781085655262

Essays on Banking and Liquidity.
Galluzzi, Alessio.

Essays on Banking and Liquidity. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 107 p.

Source: Dissertations Abstracts International, Volume: 81-04, Section: A.

Thesis (Ph.D.)--University of California, Los Angeles, 2019.

This item must not be sold to any third party vendors.

The money supply composition has shifted towards liquid securities created by financial intermediaries. However, the recent financial crisis has highlighted the fragility of this source of liquidity.Therefore, in the first chapter I create a model where currency, safe liabilities and risky liabilities all provide liquidity services. During normal times, intermediaries are able to fully satiate the demand for liquidity. This corresponds to a large drop in liquidity supply during a crisis because of the defaults from risky liabilities. Nevertheless, a welfare maximizing planner would like to reduce or eliminate these changes in the supply of liquid asset. Liquidity and capital requirements can restore efficiency, but they are sensitive to calibration and may be ineffective when analyzed individually.In the second chapter, I document some recent trends in the financial industry. Bank holding companies have deleveraged their balance sheets, while increasing the amounts of issued deposits. These trends are particularly strong among the largest U.S. banks, while smaller ones have a balance sheet that resembles a textbook commercial bank. I then calibrate the model presented in the first chapter using bank level data. The calibrated equilibrium shows how the structure of the financial sector is unresponsive to changes in the monetary policy target rate.

ISBN: 9781085655262Subjects--Topical Terms:

517137
Economics.
Subjects--Index Terms:

Banking

Essays on Banking and Liquidity.
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245 1 0 $a Essays on Banking and Liquidity.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2019
300 $a 107 p.
500 $a Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
500 $a Advisor: Weill, Pierre-Olivier.
502 $a Thesis (Ph.D.)--University of California, Los Angeles, 2019.
506 $a This item must not be sold to any third party vendors.
520 $a The money supply composition has shifted towards liquid securities created by financial intermediaries. However, the recent financial crisis has highlighted the fragility of this source of liquidity.Therefore, in the first chapter I create a model where currency, safe liabilities and risky liabilities all provide liquidity services. During normal times, intermediaries are able to fully satiate the demand for liquidity. This corresponds to a large drop in liquidity supply during a crisis because of the defaults from risky liabilities. Nevertheless, a welfare maximizing planner would like to reduce or eliminate these changes in the supply of liquid asset. Liquidity and capital requirements can restore efficiency, but they are sensitive to calibration and may be ineffective when analyzed individually.In the second chapter, I document some recent trends in the financial industry. Bank holding companies have deleveraged their balance sheets, while increasing the amounts of issued deposits. These trends are particularly strong among the largest U.S. banks, while smaller ones have a balance sheet that resembles a textbook commercial bank. I then calibrate the model presented in the first chapter using bank level data. The calibrated equilibrium shows how the structure of the financial sector is unresponsive to changes in the monetary policy target rate.
590 $a School code: 0031.
650 4 $a Economics. $3 517137
650 4 $a Economic theory. $3 1556984
650 4 $a Banking. $2 bicssc $3 1557594
653 $a Banking
653 $a Fragility
653 $a Liquidity
653 $a Money Supply
690 $a 0501
690 $a 0511
690 $a 0770
710 2 $a University of California, Los Angeles. $b Economics 0246. $3 2093761
773 0 $t Dissertations Abstracts International $g 81-04A.
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791 $a Ph.D.
792 $a 2019
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13897055