监管要求对市场流动性的影响：以ESG促进为特例

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-04-11 DOI:10.1016/j.iref.2025.104078

Judit Hevér , Péter Csóka

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引用次数: 0

摘要

流动性是金融市场的关键考虑因素，尤其是在金融危机时期。因此，近年来监管部门对这一领域的关注和措施不断增加。事实上，旨在确保资金流动性或一般来说减少某些风险头寸的监管会产生降低市场流动性的副作用。为了理解这种效应，我们扩展了一个标准的一般均衡模型，其中包括交易成本、内生市场流动性和监管建模。我们证明了一般的资金流动性监管和剥离不良ESG资产都降低了市场流动性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The effect of regulatory requirements on market liquidity: ESG promotion as a special case

Liquidity is a key consideration in financial markets, especially in times of financial crises. For this reason, regulatory attention to and measures in this field have been on the rise for the past several years. As a matter of fact, regulations aiming at ensuring funding liquidity or, in general, reducing certain risky positions have the side effect of reducing market liquidity. To understand this effect, we extend a standard general equilibrium model with transaction costs of trading, endogenous market liquidity, and the modeling of regulation. We prove that both funding liquidity regulation in general and divesting bad ESG assets, in particular, reduce market liquidity.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.