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Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Discussion Paper Series No. 430
Verlag: 
University of Heidelberg, Department of Economics, Heidelberg
Zusammenfassung: 
Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and bank-based financial systems in processing the shock. Unregulated banking system may collapse in absence of a proper regulation. The paper studies several types of regulatory interventions, which may improve the performance of the banking system.
Schlagwörter: 
Financial intermediation
overlapping generations
general equilibrium
intertemporal smoothing
JEL: 
D50
G21
G28
E44
E53
O16
Dokumentart: 
Working Paper

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