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Pénzintézeti mérlegadatok monetáris politikai újraértelmezése. A brókerkereskedő szervezetek reálgazdasági és likviditási jelentősége
[Reconsidering the role of financial institutions balance sheets in the conduct of monetary policy. The effect of broker-dealers on real economic processes and liquidity]

Author

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  • Ács, Attila

Abstract

A szerző a likviditás szerepét vizsgálja a pénzfunkció-transzformáció megkönnyítésében: a pénz felhalmozási funkciójának transzformálhatóságát a pénz fizetési funkciójára, illetve megfordítva. Ez a transzformáció a bizalom és a pénzügyi innováció függvénye, amely során adósság (bankbetét, kötvény) vagy tulajdonrész (részvény) keletkezik. Adrian-Shin [2009] szerint egy piaci alapú pénzügyi rendszerben, amilyen az Egyesült Államoké is, helyénvaló a likviditást a pénz- és tőkepiacon szereplő pénzintézetek összesített mérlegfőösszegeinek függvényében értelmezni. A brókerkereskedő szervezetek (broker-dealers) a pénzügyi intézetek közül a transzformációs folyamatban duplán is részt vesznek: forgalomképes értékpapírokat teremtenek és piacokat szerveznek. A piaci, a finanszírozási és a makroökonómiai likviditás közvetlen és azonnali hatással van mérlegtételeik alakulására, mérlegük likviditási barométerként használható. Az állítás tesztelésére vektor-autoregresszív (VAR) modellből kapott impulzusfüggvények szolgálnak. Journal of Economic Literature (JEL) kód: E44, E51, C32.

Suggested Citation

  • Ács, Attila, 2014. "Pénzintézeti mérlegadatok monetáris politikai újraértelmezése. A brókerkereskedő szervezetek reálgazdasági és likviditási jelentősége [Reconsidering the role of financial institutions balance sheet," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 166-192.
    • Handle: RePEc:ksa:szemle:1454
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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