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Politica monetaria, finanza strutturata e mercati finanziari


  • Giorgio PIZZUTTO



Current interpretations of financial crisis are rooted on the conviction that banks are always prone to moral hazard and monetary policy has to intervene to avoid bubbles and the subsequent failure . This paper suggests that financial market’s instability derives from the interaction between monetary policy, non bank financial intermediation and securitization process. Following low interest rates policy, profitability falls and securitization offers an opportunity to increase net interest margin. Unfortunately securitization process raise asset prices of investment grade bonds, squeezes returns and risk premium. So non bank financial intermediaries began to look for high yield loans and short term liabilities to boost returns. When monetary policy tightens, yield curve inverted and returns disappear; asset prices deflation begins, risk premium increases and financial crisis follows.

Suggested Citation

  • Giorgio PIZZUTTO, 2010. "Politica monetaria, finanza strutturata e mercati finanziari," Departmental Working Papers 2010-36, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  • Handle: RePEc:mil:wpdepa:2010-36

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    Financial crisis; monetary policy; structured finance; financial instability.;

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises


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