منابع مشابه
Financial Intermediary Capital
We propose a dynamic theory of financial intermediaries as collateralization specialists that are better able to collateralize claims than households. Intermediaries require capital as they can borrow against their loans only to the extent that households themselves can collateralize the assets backing the loans. The net worth of financial intermediaries and the corporate sector are both state ...
متن کاملSystematic Information Manipulation by Financial Intermediary
We study real e ects of intermediation in a dual nancial system that features coexistence of an open exchange and OTC bilateral market. Both markets trade futures on commodity, but volumes traded on bilateral market are hidden. That friction obstructs learning, as in order to correctly predict future spot price, uninformed traders have to infer realized productivity shock only from a fraction o...
متن کاملIntermediary Activities On Decentralized Financial Markets
Financial intermediary institutions often compete and cooperate with each other at the same time. These financial actors provide services to their investors, and enter into transactions with them. Moreover, these players very often trade with each other to mitigate their market risks related to their exposures against their clients. Decentralized inter-dealer markets differ from the Walrasian t...
متن کاملThe Profile of Bpr as a Financial Intermediary
This chapter addresses the first research question and will be a steppingstone to the fundamental analysis of Chapter 7. Essentially, this chapter is an exploratory analysis. That is why more of a statistical descriptive analysis is used in order to explain the profile of BPR as a financial provider under circumstances of complex and intense competition and abrupt environmental changes during t...
متن کاملTrade Credit, Financial Intermediary Development and Industry Growth
Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative source of funds.We show that industries with higher dependence on trade credit financing exhibit hi...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1986
ISSN: 0022-0531
DOI: 10.1016/0022-0531(86)90115-8