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摘要翻译：
对2007-2008年信贷危机的分析集中在放松贷款标准的问题上，以及对房地产和其他资产投机性投资者非理性行为的看法。资产支持证券受到广泛批评，因为它消除了直接贷款人确保基础贷款能够偿还的动机，从而在贷款发放中造成了道德风险，并增加了违约风险。然而，任何形式的商业银行贷款增加都可能伴随着重大的货币问题，而这些问题似乎被本分析忽略了。本文通过对银行系统机制的考察，特别是对信贷供给的内部控制，提出了对信贷危机的一般解释。我们认为，目前的信贷危机是巴塞尔监管框架多重失败的结果，包括取消银行体系内某些类别存款账户的中央银行准备金要求，允许代表债务的金融工具用作监管资本，尤其是引入证券化贷款，有效地取消了以前对银行体系贷款总量的隐性控制。我们进一步认为，这些问题的相互作用导致了货币总量和贷款供应增长之间的不稳定失衡，因为来自商业银行部门的贷款总量的增长速度快于货币供应的增长速度。这不仅造成了长达数十年的宏观经济债务螺旋，而且通过增加货币体系内的债务与货币的比率，增加了贷款违约的风险，从而降低了银行体系的整体稳定性。
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英文标题：
《What are the limits on Commercial Bank Lending?》
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作者：
Jacky Mallett
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最新提交年份：
2012
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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英文摘要：
Analysis of the 2007-8 credit crisis has concentrated on issues of relaxed lending standards, and the perception of irrational behaviour by speculative investors in real estate and other assets. Asset backed securities have been extensively criticised for creating a moral hazard in loan issuance and an associated increase in default risk, by removing the immediate lender's incentive to ensure that the underlying loans could be repaid. However significant monetary issues can accompany any form of increased commercial bank lending, and these appear to have been overlooked by this analysis. In this paper we propose a general explanation for credit crises based on an examination of the mechanics of the banking system, and in particular its internal controls on the supply of credit. We suggest that the current credit crisis is the result of multiple failures in the Basel regulatory framework, including the removal of central bank reserve requirements from some classes of deposit accounts within the banking system, allowing financial instruments representing debt to be used as regulatory capital, and in particular the introduction of securitized lending which effectively removed a previously implicit control over the total quantity of lending originating from the banking system. We further argue that the interaction of these problems has led to a destabilising imbalance between total money and loan supply growth, in that total lending sourced from the commercial bank sector increased at a faster rate than accompanying growth in the money supply. This not only created a multi-decade macro-economic debt spiral, but by increasing the ratio of debt to money within the monetary system acted to increase the risk of loan defaults, and consequentially reduce the overall stability of the banking system.
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PDF链接：
https://arxiv.org/pdf/0904.1426
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