期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：This paper develops a general equilibrium model to analyze the link between …nancial imbalances and …nancial crises. The model features an interbank market subject to frictions and where two equilibria may (co-)exist. The normal times equilibrium is characterized by a deep market with highly leveraged banks. The crisis times equilibrium is characterized by bank deleveraging, a market run, and a liquidity trap. Crises occur when there is too much liquidity (savings) in the economy with respect to the number of (safe) investment opportunities. In e¤ect, the economy is shown to have a limited liquidity absorption capacity, which depends –inter alia– on the productivity of the real sector, the ultimate borrower. I extend the model in order to analyze the e¤ects of …nancial integration of an emerging and a developed country. I …nd results in line with the recent literature on global imbalances. Financial integration permits a more e¢cient allocation of savings worldwide in normal times. It also implies a current account de…cit for the developed country. The current account de…cit makes …nancial crises more likely when it exceeds the liquidity absorption capacity of the developed country. Thus, under some conditions –which this paper spells out– …nancial integration of emerging countries may increase the fragility of the international …nancial system. Implications of …nancial integration and global imbalances in terms of output, wealth distribution, welfare, and policy interventions are also discussed.
关键词：Financial Integration; Global Imbalances; Asymmetric Information; Moral Hazard;Financial Crisis
