Bengt-Holmstrom-理解金融体系内债务的作用.pdfVIP

BIS Working Papers No 479 Understanding the role of debt in the financial system by Bengt Holmstrom, comments by Philipp Hildebrand and Ernst-Ludwig von Thadden Monetary and Economic Department January 2015 JEL classification: E32, E52, G01, G15, G18, G20, G21, G28, G29 Keywords: financial crisis, liquidity, money markets, shadow banking, debt, information sensitivity, pawn shops, bailouts, banking regulation BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (). © Bank for International Settlements 2015. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Foreword The 13th BIS Annual Conference took place in Lucerne, Switzerland on 27 June 2014. The event brought together a distinguished group of central bank governors, leading academics and former public officials to exchange views. The focus this year was on debt. The papers presented at the conference and the discussants’ comments are released as BIS Working Papers 479 to 482. BIS Papers No 80 contains the opening address by Jaime Caruana (General Manager, BIS) and a keynote address by Benjamin Friedman (Harvard University) and remarks by Stephen King (HSBC) and Masaaki Shirakawa (Aoyama Gakuin University). WP