IMF-2018金融杠杆报告-28页.pdfVIP

WP/18/62 Leverage—A Broader View by Manmohan Singh and Zohair Alam IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. © 2018 International Monetary Fund WP/18/62 IMF Working Paper Monetary and Capital Markets Department Leverage—A Broader View Prepared by Manmohan Singh and Zohair Alam1 Authorized for distribution by Gaston Gelos March 2018 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Abstract Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy. JEL Classification Num