股票市场的宏观审慎作用

Kyriakos Chousakos, Gary B. Gorton, Guillermo Ordoñez
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引用次数: 5

摘要

金融危机是关于信贷市场上支持短期债务的抵押品的突然信息获取事件。然而,当投资者看到金融危机即将来临时,他们的反应是更密集地获取股票市场公司的信息,披露那些较弱的公司,结果是这些公司最终被切断了信贷。股票市场信息对信贷市场构成的这种净化作用阻碍了对仍在信贷市场上的公司抵押品的信息获取,从而减缓了信贷增长,并有可能防止危机的发生。因此,股票市场的信息生产在经济中起到了宏观审慎工具的作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Macroprudential Role of Stock Markets
A financial crisis is an event of sudden information acquisition about the collateral backing short-term debt in credit markets. When investors see a financial crisis coming, however, they react by more intensively acquiring information about firms in stock markets, revealing those that are weaker, which as a consequence end up cut off from credit. This cleansing effect of stock markets’ information on credit markets’ composition discourage information acquisition about the collateral of the firms remaining in credit markets, slowing down credit growth and potentially preventing a crisis. Production of information in stock markets, then, acts as a macroprudential tool in the economy.
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