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

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

Foreword; Peter Praet 1. Money, Credit and the Flow of Funds in Monetary Policy; Bernhard Winkler, Ad van Riet and Peter Bull PART I: MONEY, CREDIT AND LIQUIDITY IN THE FLOW OF FUNDS 2. The Quantity Theory of Money and the Flow of Funds; Carmelo Salleo 3. The Quantity Theory of Credit and Some of its Policy Implications; Richard Werner 4. Euro Area Money Demand and International Portfolio Allocation; Roberto A. De Santis, Carlo A. Favero and Barbara Roffia 5. Global Liquidity and Credit Booms; Claudio Borio, Robert McCauley and Patrick McGuire 6. Dual Liquidity Crises; Ulrich Bindseil and Adalbert Winkler 7. Determinants and Consequences of Credit Tightening; Riccardo De Bonis, Luigi Infante and Francesco Paternò PART II: SECTORAL ANALYSIS OF THE FLOW OF FUNDS 8. Financial Intermediary Balance Sheet Management; Tobias Adrian and Hyun Song Shin 9. Bank Leverage and the Credit Cycle in the Euro Area; Celestino Gíron and Silvia Mongelluzzo 10. Households' Financial Portfolio Choices; S. Avouyi Dovi, Vladimir Borgy, Christian Pfister, Michael Scharnagl and Frank Sédillot 11. Household Balance Sheets and Debt; Jacob Isaksen, Paul Lassenius Kramp, Louise Funch Sørensen and Søren Vester Sørensen 12. Analysing Recent Developments in the Financing of Euro Area Non-Financial Corporations; Laurent Maurin 13. Monetary Policy and the Flow of Funds in the Euro Area; Riccardo Bonci