Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/224157 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 19.04
Verlag: 
Swiss National Bank, Study Center Gerzensee, Gerzensee
Zusammenfassung: 
Are financial intermediaries inherently unstable? If so, why? What does this suggest about government intervention? To address these issues we analyze whether model economies with financial intermediation are particularly prone to multiple, cyclic, or stochastic equilibria. Four formalizations are considered: a dynamic version of Diamond-Dybvig banking incorporating reputational considerations; a model with delegated investment as in Diamond; one with bank liabilities serving as payment instruments similar to currency in Lagos-Wright; and one with Rubinstein-Wolinsky intermediaries in a decentralized asset market as in Duffi e et al. In each case we find, for different reasons, financial intermediation engenders instability in a precise sense.
Schlagwörter: 
Banking
Financial Intermediation
Instability
Volatility
JEL: 
D02
E02
E44
G21
Dokumentart: 
Working Paper

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