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Хрупкость банковской системы и монетарная политика
The paper develops a stylized three-period model of banking sector. The change in asset prices due to the liquidity crisis is in focus of analysis. It is shown, that even insignificant shocks in demand for liquidity can lead to bankruptcy of some banks and sharp fall in asset prices. If the share of early consumers is sufficiently low and interest rate is high, banks have incentives to use risky investment strategy, when they definitely go bankrupt in case of high liquidity demand. Monetary policy has complementary instruments for ensuring the stability of the banking system: interest rate, deposit insurance system, restriction on the share of short-term assets in banks’ portfolios. When interest rate is low, introducing deposit insurance system reduces profitability of risky banks stronger. Central bank can increase effectiveness of restriction on the share of short-term assets in banks’ portfolios by introducing deposit insurance system.