Banking Consolidation and Small Business Lending
نویسنده
چکیده
4 Non-technical summary 5 1 Motivation 7 2 The model setup 9 3 Solving the model 12 3.1 The utility Bellman equations 12 3.2 Solving the Bellman equations 13 3.3 The contract offered 14 3.3.1 The Frankfurt policy 16 3.3.2 The London policy 17 3.4 Constrained optimal contract 18 4 An extension: centralization vs. decentralization 19 4.1 Centralized bank 19 4.2 Decentralized bank 20 4.3 Small bank 21 5 Discussion 21 5.1 Comparative statics 21 5.1.1 Banking consolidation 22 5.1.2 Technological improvements 22 5.2 Empirically testable implications 23 6 Conclusion 24 7 Appendix 26 7.1 Proofs 26 7.2 Deriving utility levels and wages 28 References 31 European Central Bank working paper series 34
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تاریخ انتشار 2004