Financial intermediation and macroeconomic efficiency
نویسندگان
چکیده
منابع مشابه
Financial Intermediation and Macroeconomic Analysis
I ssues relating to fi nancial stability have always been part of the macroeconomics curriculum, but they have often been presented as mainly of historical interest, or primarily of relevance to emerging markets. However, the recent fi nancial crisis has made it plain that even in economies like the United States, signifi cant disruptions of fi nancial intermediation remain a possibility. Under...
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Economists have devoted a great deal of attention to modeling the macroeconomic implications of cyclical variation of borrowers’ creditworthiness, yet the literature has largely neglected the task of modeling the behavior of the bank. This omission in the literature is particularly unfortunate given the strong empirical evidence in support of the role of banks’ financial structure in lending de...
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This paper investigates how financial-sector leverage affects macroeconomic instability and welfare. In the model, banks borrow (use leverage) to allocate resources to productive projects and provide liquidity. When banks do not actively issue new equity, aggregate outcomes depend on the level of equity in the financial sector. Equilibrium is inefficient because agents do not internalize how th...
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The savings/investment process in capitalist economies is organized around financial intermediation, making them a central institution of economic growth. Financial intermediaries are firms that borrow from consumer/savers and lend to companies that need resources for investment. In contrast, in capital markets investors contract directly with firms, creating marketable securities. The prices o...
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We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external sources. We argue that while traditional financing channels, including financial markets and banks, provide significant sources of funds for firms in developed countries, alt...
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ژورنال
عنوان ژورنال: Applied Financial Economics
سال: 2010
ISSN: 0960-3107,1466-4305
DOI: 10.1080/09603101003800792