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dc.contributor.authorFecht, Falkoen
dc.contributor.authorHuang, Kevinen
dc.contributor.authorMartin, Antoineen
dc.date.accessioned2009-01-28T15:59:04Z-
dc.date.available2009-01-28T15:59:04Z-
dc.date.issued2005-
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2005,03en
dc.subject.jelE44en
dc.subject.jelG20en
dc.subject.jelG10en
dc.subject.ddc330en
dc.subject.keywordFinancial Intermediariesen
dc.subject.keywordRisk Sharingen
dc.subject.keywordFinance and Growthen
dc.subject.keywordComparing Financial Systemsen
dc.subject.stwFinanzintermediären
dc.subject.stwFinanzmarkten
dc.subject.stwInvestitionen
dc.subject.stwAllokationen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwOverlapping Generationsen
dc.titleFinancial intermediaries, markets and growth-
dc.typeWorking Paperen
dc.identifier.ppn483236489en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:2937en

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