{"id":1128,"date":"2003-03-01T08:00:17","date_gmt":"2003-03-01T06:00:17","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=1128"},"modified":"2023-08-03T18:24:20","modified_gmt":"2023-08-03T15:24:20","slug":"asset-prices-need-new-policy-instruments-case-countercyclical-margin-policy-2","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/asset-prices-need-new-policy-instruments-case-countercyclical-margin-policy-2\/","title":{"rendered":"Asset Prices and the Need for New Policy Instruments: the Case of Countercyclical Margin Policy"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/1128\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p>Author: Gikas A. Hardouvelis<br \/>\n<em>Publication: Proceedings of the International Symposium &#8220;Monetary Policy, Economic Cycle and Financial Dynamics&#8221;, -pg.331-,BANQUE DE FRANCE, March 2003<\/em><\/p>\n<p><strong>Abstract:<\/strong><br \/>\nMargin requirements are official restrictions on the amount of credit investors can receive from brokers in order to buy or short-sell stock (Hardouvelis, 1988). A margin policy of leaning against the wind of stock price fluctuations is stabilizing both in the short- and the long-run. Higher margins reduce both short-run stock price volatility and the possibility that a<br \/>\nbubble unfolds, thus contributing to both short- and long-term stability in the market. Increasing margins is a precautionary measure. At the other end, lower margin requirements soften a sudden fall of stock prices without resulting in higher short-run volatility. Decreasing margins is an ex-post measure that improves liquidity, calms the market and softens a crash. Unlike monetary policy, a countercyclical margin policy can be administered without having to agree on the presence or absence of a bubble and without having to compromise any other policy objectives. It can also be administered by a regulator other than the central bank.<\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2017\/12\/actes2003.pdf\">Download Asset Prices and the Need for New Policy Instruments: the Case of Countercyclical Margin Policy pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,5],"tags":[3251,3257],"yst_prominent_words":[543,538,29,202,540,201,554,178,1968,231,739,128,704,71,560,1969,172,550,203],"class_list":["post-1128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academic-publications","category-publications-in-refereed-academic-journals","tag-academic-publications","tag-margin-requirements"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=1128"}],"version-history":[{"count":3,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1128\/revisions"}],"predecessor-version":[{"id":4534,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1128\/revisions\/4534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=1128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=1128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=1128"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=1128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}