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Credit Risk Management: Rationing vs Credit Derivatives and Consequences for Financial Stability

In: Advances in Monetary Policy and Macroeconomics

Author

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  • Stefania Vanacore

Abstract

The great expansion of financial markets in recent decades, on both the demand and the supply sides, has stimulated debate concerning whether or not monetary policies have to take into account the volatility of market asset prices. To date, the prevalent position is that central banks do not have to react to asset price volatility, in particular the reliable negative answer of Bernanke and Gertler (1999). Indeed, Bernanke and Gertler show that: ‘The inflation-targeting approach […] implies that policy should not respond to changes in asset prices, except insofar as the signal changes in expected inflation.’

Suggested Citation

  • Stefania Vanacore, 2007. "Credit Risk Management: Rationing vs Credit Derivatives and Consequences for Financial Stability," Palgrave Macmillan Books, in: Philip Arestis & Gennaro Zezza (ed.), Advances in Monetary Policy and Macroeconomics, chapter 5, pages 66-91, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80076-2_5
    DOI: 10.1057/9780230800762_5
    as

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