Costly Financial Intermediation in Neoclassical Growth Theory
نویسندگان
چکیده
منابع مشابه
Costly Financial Intermediation and Relative Consumption Volatility
This paper proposes a model that emphasizes housing market interactions and nancial intermediation costs to explain relative consumption volatility di¤erences between developed and emerging countries. The model improves upon existing dynamic stochastic general equilibrium (DSGE) models by incorporating a non-trivial nancial sector and by letting both households and rms face borrowing constra...
متن کاملFinancial Intermediation and Equity Investment with Costly Monitoring
This paper studies the efficiency of equilibria in a productive OLG economy where the process of financial intermediation is characterized by costly state verification. Both competitive equilibria and Constrained Pareto Optimal allocations are characterized. It is shown that market outcomes can be socially inefficient, even when a weaker notion than Pareto optimality is considered.
متن کاملInflation, Growth, and Financial Intermediation
T he key role of government policies in the process of development has long been recognized. The recent availability of quality data has led to quantitative analyses of the effect such policies have on development. Most of the renewed research effort on this front, both theoretical and empirical, has emphasized the relationship between fiscal policy and the paths of development of countries. 1 ...
متن کاملA smoke screen theory of financial intermediation
This paper explores the role of diversification and size in protecting information. We present a simple two period credit market with a sophisticated lender faced with competitors who free ride on his screening activity. Absent commitment problems, the lender funds one borrower and exerts optimal evaluation. When borrowers cannot commit to a long term relationship, the free riding problem is re...
متن کاملFinancial intermediation and growth: Causality and causes
This paper evaluates (1) whether the exogenous component of "nancial intermediary development in#uences economic growth and (2) whether cross-country di!erences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain di!erences in the level of "nancial development. Using both traditional cross-section, instrumental variable procedures and ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1796728