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http://hdl.handle.net/10419/19511
  

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dc.contributor.authorFecht, Falkoen_US
dc.contributor.authorHuang, Kevinen_US
dc.contributor.authorMartin, Antoineen_US
dc.date.accessioned2009-01-28T15:59:04Z-
dc.date.available2009-01-28T15:59:04Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/19511-
dc.description.abstractWe build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be beneficial because intermediaries invest less in the productive technology when they provide more risk-sharing. Our model predicts that bank-oriented economies should grow slower than more market-oriented economies, which is consistent with some recent empirical evidence. We show that the mix of intermediaries and market that maximizes welfare under a given level of financial development depends on economic fundamentals. We also show the optimal mix of two structurally very similar economies can be very different.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2005,03en_US
dc.subject.jelE44en_US
dc.subject.jelG20en_US
dc.subject.jelG10en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Intermediariesen_US
dc.subject.keywordRisk Sharingen_US
dc.subject.keywordFinance and Growthen_US
dc.subject.keywordComparing Financial Systemsen_US
dc.subject.stwFinanzintermediären_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwInvestitionen_US
dc.subject.stwAllokationen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwOverlapping Generationsen_US
dc.titleFinancial intermediaries, markets and growthen_US
dc.typeWorking Paperen_US
dc.identifier.ppn483236489en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:2937-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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