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https://hdl.handle.net/10419/19511
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Fecht, Falko | en |
dc.contributor.author | Huang, Kevin | en |
dc.contributor.author | Martin, Antoine | en |
dc.date.accessioned | 2009-01-28T15:59:04Z | - |
dc.date.available | 2009-01-28T15:59:04Z | - |
dc.date.issued | 2005 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aDeutsche Bundesbank |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aDiscussion Paper Series 1 |x2005,03 | en |
dc.subject.jel | E44 | en |
dc.subject.jel | G20 | en |
dc.subject.jel | G10 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Financial Intermediaries | en |
dc.subject.keyword | Risk Sharing | en |
dc.subject.keyword | Finance and Growth | en |
dc.subject.keyword | Comparing Financial Systems | en |
dc.subject.stw | Finanzintermediär | en |
dc.subject.stw | Finanzmarkt | en |
dc.subject.stw | Investition | en |
dc.subject.stw | Allokation | en |
dc.subject.stw | Wirtschaftswachstum | en |
dc.subject.stw | Overlapping Generations | en |
dc.title | Financial intermediaries, markets and growth | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 483236489 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:bubdp1:2937 | en |
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