TAILIEUCHUNG - Do Low Interest Rates Sow the Seeds of Financial Crises?

The groups turn out to be quite distinct. Microfinance banks, and to a lesser extent credit unions, are likely to have for-profit status. Nongovernmental organizations have non-profit status. Non-bank financial institutions are in a broad category that includes both for-profits and non-profits such as nongovernmental organizations that are specially regulated in return for being allowed to assume additional roles, including, for some, taking deposits. From the economics standpoint, the main difference between for-profit and non-profit status is the ability to distribute profits(Glaeser and Shleifer 2001). If non-profits earn revenues greater than costs, they have to. | Ilium I BANK OF CANADA L -L BANQUE DU CANADA Working Paper Document de travail 2011-31 Do Low Interest Rates Sow the Seeds of Financial Crises by Simona E. Cociuba Malik Shukayev and Alexander Ueberfeldt Bank of Canada Working Paper 2011-31 December 2011 Do Low Interest Rates Sow the Seeds of Financial Crises by Simona E. Cociuba 1 Malik Shukayev2 and Alexander Ueberfeldt3 Department of Economics University of Western Ontario London Ontario Canada N6A 5C2 scociuba@ international Economic Analysis Department 3Canadian Economic Analysis Department Bank of Canada Ottawa Ontario Canada K1A 0G9 mshukayev@ aueberfeldt@ Simona E. Cociuba is the author to whom correspondence should be addressed. Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. ISSN 1701-9397 2011 Bank of Canada Acknowledgements We thank Jeannine Bailliu Gino Cateau Jim Dolmas Ferre de Graeve Anil Kashyap Oleksiy Kryvtsov for valuable comments. We thank Cesaire Meh for his encouragement and stimulating discussions. We thank Jill Ainsworth and Carl Black for research assistance. We also benefited from comments received at several conferences and seminars held in 2011 the Midwest Macroeconomics Meetings the BIS conference on Monetary policy financial stability and the business cycle the Canadian Economics Association Meetings the North American and European Meetings of the Econometric Society the Bank of Canada fellowship seminar and the Conference on Computing in Economics and Finance. Previous versions of this paper have circulated under the title Financial Intermediation Risk Taking and Monetary Policy . .

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