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Marking to Market, Liquidity, and Financial Stability
Guillaume Plantin
Haresh Sapra
Hyun Song Shin
出版
Institute for Monetary and Economic Studies, Bank of Japan
, 2005
URL
http://books.google.com.hk/books?id=XTW3AAAAIAAJ&hl=&source=gbs_api
註釋
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.