A Flow-of-Funds Perspective on the Financial Crisis Volume I

1. Front Matter

   Pages i-xxii

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2. Introduction and Overview

   1. Introduction and Overview

      • Bernhard Winkler, Ad van Riet, Peter Bull

      Pages 1-9

3. Money, Credit and Liquidity in the Flow of Funds

   1. Front Matter

      Pages 11-11

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   2. The Quantity Theory of Money Revisited

      • Carmelo Salleo

      Pages 13-21

   3. The Quantity Theory of Credit and Some of Its Policy Implications

      • Richard A. Werner

      Pages 22-45

   4. Euro Area Money Demand and International Portfolio Allocation: A Contribution to Assessing Risks to Price Stability

      • Roberto A. De Santis, Carlo A. Favero, Barbara Roffia

      Pages 46-93

   5. Global Liquidity and Credit Booms

      • Claudio Borio, Robert N. McCauley, Patrick McGuire

      Pages 94-124

   6. Dual Liquidity Crises under the Gold Standard and in a Monetary Union: A Financial Accounts Perspective

      • Ulrich Bindseil, Adalbert Winkler

      Pages 125-145

   7. Determinants and Consequences of Credit Tightening: An Analysis of the United States and the Euro Area

      • Riccardo De Bonis, Luigi Infante, Francesco Paternò

      Pages 146-174

4. Sectoral Analysis of the Flow of Funds

   1. Front Matter

      Pages 175-175

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   2. Financial Intermediary Balance Sheet Management

      • Tobias Adrian, Hyun Song Shin

      Pages 177-202

   3. Bank Leverage and the Credit Cycle in the Euro Area: A Bayesian Semi-Parametric Approach

      • Celestino Girón, Silvia Mongelluzzo

      Pages 203-235

   4. Households’ Financial Portfolio Choices: A Comparison between France and Germany (1978–2009)

      • Sanvi Avouyi-Dovi, Vladimir Borgy, Christian Pfister, Michael Scharnagl, Franck Sédillot

      Pages 236-256

   5. Household Balance Sheets and Debt: An International Country Study

      • Jacob Isaksen, Paul Lassenius Kramp, Louise Punch Sørensen, Søren Vaster Sørensen

      Pages 257-270

   6. Analysing Recent Developments in the Financing of Euro Area Non-Financial Corporations

      • Laurent Maurin

      Pages 271-295

   7. Monetary Policy and the Flow of Funds in the Euro Area

      • Riccardo Bonci

      Pages 296-317

5. Back Matter

   Pages 318-326

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Provides a comprehensive overview of a broad range of uses of the flow of funds within the central bank community as well as in the academic field, prepared by international experts in the field. Based on the crisis experience, it offers an overview of lessons for macrofinancial analysis and financial stability.

• bank
• monetary policy
• money
• banking

• European Central Bank, Frankfurt am Main, Germany

  Bernhard Winkler, Ad van Riet, Peter Bull

Peter Praet, European Central Bank, Germany Carmelo Salleo, European Systemic Risk Board, Germany Richard Werner, University of Southampton, UK Roberto A. De Santis, European Central Bank, Germany Carlo A. Favero, Università Commerciale Luigi Bocconi, Italy Barbara Roffia, European Central Bank, Germany Ulrich Bindseil, European Central Bank, Germany Adalbert Winkler, Frankfurt School of Finance and Management, Germany Claudio Borio, Bank for International Settlements, Switzerland Robert McCauley, Bank for International Settlements, Switzerland Patrick McGuire, Bank for International Settlements, Switzerland Riccardo De Bonis, Banca d'Italia, Italy Luigi Infante, Banca d'Italia, Italy Francesco Paternò, Banca d'Italia, Italy Tobias Adrian, Federal Reserve Bank of New York, USA Hyun Song Shin, Princeton University, USA Celestino Gíron, European Central Bank, Germany Silvia Mongelluzzo, Bocconi University, Italy S. Avouyi Dovi, Banque de France, France Vladimir Borgy, Banque de France, France Christian Pfister, Banque de France, France Michael Scharnagl, Deutsche Bundesbank, Germany Frank Sédillot, Banque de France, France Jacob Isaksen, Danmarks Nationalbank, Denmark Paul Lassenius Kramp, Danmarks Nationalbank, Denmark Louise Funch Sørensen, Danmarks Nationalbank, Denmark Søren Vester Sørensen, Danmarks Nationalbank, Denmark Laurent Maurin, European Central Bank, Germany Riccardo Bonci, Banca d'Italia, Italy

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