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اقتصاد::
خطمشی اعطای وام به بانکها
The key policy result is that loans to banks are more effective than asset purchases at elim- inating the bad equilibrium, in the sense that they require a smaller monetary injection.3 Under the loans-to-banks policy, the losses of insolvent banks are borne not only by the depositors of those banks but also by the central bank, which in turn redistributes the losses lump-sum to all depositors in the economy.
The direct effect of the implicit transfer embedded in the loans-to-banks policy is to increase the re- turn on deposits at insolvent banks, thereby increasing the incentive to deposit more at banks.
at banks, the strategic complementarity that generates the flight to liquidity is weakened, which in turn increases the effectiveness of the loans-to-banks policy even further.
In addition, and contrary to the mild-crisis equilibrium, the implicit deposit insurance embedded in the loans-to-banks policy amplifies the flight to liquidity, and thus deposits drop more under loans to banks in comparison to asset purchases.
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