NDLI: Le second ordre de la politique économique

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Le second ordre de la politique économique

Content Provider	Semantic Scholar
Author	Villa, Pierre
Copyright Year	2011
Abstract	The policy-mix is modelled using the contributions of modern finance: derivatives, securization, collateral. Debt and equities are European put and call of real assets, which price follows a non-logarithmic stochastic process. The decision of bankruptcy is the exercise of an option, which collateral is the exercise value. Optimal securisation of the public debt for financial intermediaries equalises the marginal costs of bankruptcy according to public debt and real assets. The profits of intermediaries increase the user ?s cost of capital. Monetary policy controls the cost of intermediation with the interest rate, the macroeconomic risk with an intermediate target as the securisation of public debt. Haircuts to refinancing are fixed by a public quotation agency. Coordinated policies are proposed for a monetary area. Haircuts allow to distinguishing between the interventions of the lender of last resort in normal and crisis times. JEL Classification codes: E12, E44, E58.
Starting Page	213
Ending Page	249
Page Count	37
File Format	PDF HTM / HTML
DOI	10.3917/reof.116.0213
Volume Number	116
Alternate Webpage(s)	https://www.ofce.sciences-po.fr/pdf/revue/10-116.pdf
Alternate Webpage(s)	https://www.cairn.info/load_pdf_do_not_index.php?ID_ARTICLE=REOF_116_0213
Alternate Webpage(s)	https://doi.org/10.3917/reof.116.0213
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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