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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/19511
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Fecht, Falko | | en_US |
| dc.contributor.author | | Huang, Kevin | | en_US |
| dc.contributor.author | | Martin, Antoine | | en_US |
| dc.date.accessioned | | 2009-01-28T15:59:04Z | | - |
| dc.date.available | | 2009-01-28T15:59:04Z | | - |
| dc.date.issued | | 2005 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/19511 | | - |
| dc.description.abstract | | We 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.iso | | eng | | en_US |
| dc.relation.ispartofseries | | Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2005,03 | | en_US |
| dc.subject.jel | | E44 | | en_US |
| dc.subject.jel | | G20 | | en_US |
| dc.subject.jel | | G10 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Financial Intermediaries | | en_US |
| dc.subject.keyword | | Risk Sharing | | en_US |
| dc.subject.keyword | | Finance and Growth | | en_US |
| dc.subject.keyword | | Comparing Financial Systems | | en_US |
| dc.subject.stw | | Finanzintermediär | | en_US |
| dc.subject.stw | | Finanzmarkt | | en_US |
| dc.subject.stw | | Investition | | en_US |
| dc.subject.stw | | Allokation | | en_US |
| dc.subject.stw | | Wirtschaftswachstum | | en_US |
| dc.subject.stw | | Overlapping Generations | | en_US |
| dc.title | | Financial intermediaries, markets and growth | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 483236489 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| dc.identifier.repec | | RePEc:zbw:bubdp1:2937 | | - |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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