文章基本信息

标题：Marking to Market, Liquidity, and Financial Stability
本地全文：下载
作者：Guillaume Plantin ; Haresh Sapra ; Hyun Song Shin 等
期刊名称：Monetary and Economic Studies
印刷版ISSN：0288-8432
出版年度：2005
卷号：23
期号：s-1
出版社：Bank of Japan, Institute for Monetary and Economic Studies
摘要：This paper explores the financial stability implications of mark-to-market accounting, in particular its tendency to amplify financial cycles and the "reach for yield." Market prices play a dual role. Not only do they serve as a signal of the underlying fundamentals and the actions taken by market participants, they also serve a certification role and thereby influence these actions. When actions affect prices, and prices affect actions, the loop thus created can generate amplified responses?both in creating bubble-like booms in asset prices, and also in magnifying distress episodes in downturns.
关键词：Marking to market; Accounting regime; Monetary policy; Financial stability