BIS (9) 썸네일형 리스트형 녹색 전환의 거시경제학 (24-12-16)/Gregor Boehl外.BIS 본 논문은 탄소 세금을 통해 갈색 에너지 생산에서 녹색 에너지 생산으로 전환하는 에너지 전환의 거시경제관련사항을 검토한다.에너지 생산 부문과 녹색(Green) 에너지 부문의 내생적 혁신을 포함하는 중규모 DSGE 모델을 사용하여, 갈색(Brown) 에너지 세금을 통해 시작된 에너지 전환이 대규모 공급 측 쇼크와 유사하여 인플레이션과 에너지 가격이 급등하고 소비가 감소한다는 것을 보여준다.혁신은 녹색 에너지 생산의 효율성을 높이고 중기적으로 에너지 가격을 낮추어 준다.전환이 정책 규칙의 명확한 일부가 아니더라도 통화 정책이 전환의 역학과 속도에 중요한 역할을 한다는 것을 문헌적 증거도 제시한다.인플레이션 안정화에 대한 강조가 적은 통화 정책은 일시적으로 더 높은 인플레이션과 에너지 가격을 허용하여 R&D와.. 온실가스배출과 은행대출(23-3-3) Koji Takahashi 外.BIS =Greenhouse gas emissions and bank-lending= This paper investigates the effect of the greenhouse gas (GHG) emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018. Previous findings suggest that climate risks priced in corporate bonds or syndicated loans are statistically significant but economically minor. This paper investigates bank lending beh.. When the music stops –holding bank executives accountable for misconduct (23-2-23)/Rita Oliveira外.BIS The Great Financial Crisis and its aftermath exposed a wave of banking scandals, triggering financial instability and eroding public confidence in banks. Amid economic uncertainty, societal frustration mounted at regulators' perceived inability to hold executives accountable for failures within their banks. In pursuing cases of misconduct, supervisory authorities found it difficult to pinpoint t.. Private debt, monetary policy tightening and aggregate demand(23-2-24)/Miguel Ampudia 外.BIS Monetary policy is tightening globally while private debt levels stand at historical highs. When private debt to GDP is high, aggregate demand may be more sensitive to interest rate hikes. Yet, after a decade of low rates, the maturity of private debt has generally lengthened, the prevalence of variable rates has fallen, and household net worth has increased. This should counteract the higher de.. 디지탈화폐 미래지만 기존화폐와 공존(Digital payments make gains but cash remains)(23-1-31)/Marc Glowka外.BIS The strong growth in digital payments observed in 2020 continued in 2021. Credit transfers and contactless card payments were among the main drivers of this growth. In particular, the use of fast payments reached an all-time high. The trend is likely to persist as more countries launch FPS.29 While, for the time being, most FPS can be used only for domestic payments, they also have the potential.. Theory of supply chains:a working capital approach(23.1.25)/Se-Jik Kim(서울대)外.BIS This paper presents a ìtime-to-buildîtheory of supply chains which implies a key role for the Önancing of working capital as a determinant of supply chain length. We apply our theory to o§shoring and trade, where Örms strike a balance between the productivity gain due to o§- shoring against the greater Önancial cost due to longer supply chains. In equilibrium, the ratio of trade to GDP, inventor.. Addressing the risks in crypto: laying out the options (2023-01-12)/Matteo Aquilina外.BIS Key takeaways The recent high-profile failures of FTX and other crypto firms have re-ignited the debate on the appropriate policy response to address the risks in crypto, including through regulation. The "shadow financial" functions enabled by crypto markets share many of the vulnerabilities of traditional finance. These risks are exacerbated by specific features of crypto. Authorities may cons.. Systemic Risk in Markets with Multiple Central Counterparties/ (22-11-21).BIS We provide a framework for modelling risk and quantifying payment shortfalls in cleared markets with multiple central counterparties (CCPs). Building on the stylised fact that clearing membership is shared among CCPs, we show how this can transmit stress across markets through multiple CCPs. We provide stylised examples to lay out how such stress transmission can take place, as well as empirical.. 이전 1 2 다음