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BIS Working Papers
https://www.bis.org/publ/work456.pdf
monetary and financial regimes – their “excess financial elasticity”. By “excess financial elasticity”4 I mean their inability to prevent the build-up of financial imbalances, in the form of unsustainable credit and asset price booms that overstretch balance sheets, thereby leading to serious (systemic) banking crises and macroeconomic dislocations (Borio and Disyatat …
The international monetary and financial system: its ...
https://www.bis.org/publ/work456.htm
by Claudio Borio. PDF full text. (296kb) | 33 pages. This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises …
Claudio Borio - Institute for New Economic Thinking
https://www.ineteconomics.org/research/experts/cborio
Paper Conference paper | By Claudio Borio | Apr 2015 This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and …
An Illustrated Guide to the US Financial Cycle
https://policytensor.substack.com/p/an-illustrated-guide-to-the-us-financial-cycle
Claudio Borio of the Bank of International Settlements is one of the most interesting and original economists of the day. A key innovation of his is the concept of the financial cycle. The idea is that the excess elasticity of the financial sector has dramatic consequences for real activity. Specifically, the supply of credit to the real economy is much …
Global Imbalances and the Financial Crisis: Reassessing ...
https://papers.ssrn.com/sol3/Delivery.cfm/j_1748-3131_2010_01163_x_wml.pdf?abstractid=1733814&mirid=1
Claudio BORIO1 and Piti DISYATAT2 ... the main macroeconomic cause of the financial crisis was not “excess saving” but the “excess elasticity”of the international monetary and financial system. Key words: capital flow, credit, financial crisis, …
CiteSeerX — Bank for International Settlements
https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.656.4029
CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity ” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious ...
Commentary: Global Liquidity: Public and Private
https://www.kansascityfed.org/documents/4573/2013borio.pdf
262 Claudio Borio buildups of financial imbalances in the form of unsustainable credit and asset price booms (“financial imbalances”), thereby amplifying weaknesses in domestic policy regimes. This concept of elasticity has a long tradition in economics, especially in the …
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