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Financial intermediaries and liquidity creation

by Gary Gorton, George Pennacchi - JOURNAL OF FINANCE , 1990
"... ..."
Abstract - Cited by 230 (22 self) - Add to MetaCart
Abstract not found

Financial Intermediaries and Markets

by Franklin Allen, Douglas Gale - Econometrica, Econometric Society , 2004
"... Acomplexfinancial system comprises both financial markets and financial intermediaries. We distinguish financial intermediaries according to whether they issue complete contingent contracts or incomplete contracts. Intermediaries such as banks that issue incomplete contracts, e.g., demand deposits, ..."
Abstract - Cited by 51 (1 self) - Add to MetaCart
Acomplexfinancial system comprises both financial markets and financial intermediaries. We distinguish financial intermediaries according to whether they issue complete contingent contracts or incomplete contracts. Intermediaries such as banks that issue incomplete contracts, e.g., demand deposits

Financial Intermediary Capital∗

by Adriano A. Rampini, S. Viswanathan , 2014
"... 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 back ..."
Abstract - Cited by 2 (0 self) - Add to MetaCart
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

The Governance of Financial Intermediaries

by José Penalva, Jos Van Bommel
"... In this paper we investigate financial intermediaries, such as banks, life insurance companies and pension funds that are governed by their depositors. Using a simple OLG Diamond Dybvig model we find that the risk sharing capacity of such institutions is severaly limited due to the temptation to ren ..."
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In this paper we investigate financial intermediaries, such as banks, life insurance companies and pension funds that are governed by their depositors. Using a simple OLG Diamond Dybvig model we find that the risk sharing capacity of such institutions is severaly limited due to the temptation

Financial Intermediaries and Monetary Economics

by Tobias Adrian, Hyun Song Shin
"... We reconsider the role of nancial intermediaries in monetary economics. We explore the hypothesis that the nancial intermediary sector is the engine that drives the nancial cycle through the uctuations in the price of risk. In this framework, balance sheet quantities emerge as a key indicator of ris ..."
Abstract - Cited by 63 (1 self) - Add to MetaCart
We reconsider the role of nancial intermediaries in monetary economics. We explore the hypothesis that the nancial intermediary sector is the engine that drives the nancial cycle through the uctuations in the price of risk. In this framework, balance sheet quantities emerge as a key indicator

Financial intermediaries, markets and growth

by Falko Fecht, Kevin Huang, Antoine Martin - Journal of Money, Credit and Banking , 2008
"... Kevin Huang is a senior economist and Antoine Martin is an economist at the Federal Reserve Bank of Kansas City. The authors wish to thank Jerry Hanweck, Frederick Joutz, Todd Keister, ..."
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Kevin Huang is a senior economist and Antoine Martin is an economist at the Federal Reserve Bank of Kansas City. The authors wish to thank Jerry Hanweck, Frederick Joutz, Todd Keister,

Financial Intermediaries and Transaction Costs

by Augusto Hasman, Margarita Samartin, Jos Van Bommel, Herrera Valencia, Augusto Hasman, Margarita Samartín, Jos Van Bommel , 2009
"... We present an overlapping generations model with spatial separation and agents who face unsystematic liquidity risk. In a pure exchange economy, agents engage in life cycle portfolio rebalancing. In an intermediated economy, intergenerational banks or mutual funds cater to diversified clienteles so ..."
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as to avoid rebalancing transactions. In equilibrium, these intermediaries pay redemptions with portfolio income and never sell secondary assets. We also find that the pure exchange economy has a downward sloping yield curve and is inherently cyclical.

Financial intermediaries often take...

by Tobias Adrian, Emanuel Moench, Hyun Song Shin, Tobias Adrian, Emanuel Moench, Hyun Song Shin , 2010
"... This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New Yo ..."
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York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Financial Intermediation, Asset Prices, and Macroeconomic Dynamics

FINANCIAL INTERMEDIARIES Banks and Liquidity

by W. Diamond, Raghuram, G. Rajan
"... Banks perform valuable activities on either side of their balance sheets. On the asset side, they make loans to difficult, illiquid borrow-ers. On the liability side, they provide liquid-ity on demand to depositors. But there seems to be a fundamental incompatibility between the two activities: the ..."
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Banks perform valuable activities on either side of their balance sheets. On the asset side, they make loans to difficult, illiquid borrow-ers. On the liability side, they provide liquid-ity on demand to depositors. But there seems to be a fundamental incompatibility between the two activities: the demands for liquidity by depositors may arrive at an inconvenient time and force the fire-sale liquidation of il-liquid assets. Furthermore, because depositors are served in sequence, the prospect of fire sales may precipitate self-fulfilling runs that further jeopardize bank activities. Is this an aberration, stemming from historical acci-dent, and enshrined by deposit insurance? Or

Financial Intermediary Balance Sheet Management

by Tobias Adrian, Hyun Song Shin - Annual Review of Financial Economics , 2011
"... Summary. Conventional discussions of balance sheet management by non-financial firms take the set of positive net present value (NPV) projects as given, which in turns determines the size of the assets of the firm. The focus is on the funding of such assets between debt and equity. In contrast, the ..."
Abstract - Cited by 12 (1 self) - Add to MetaCart
, the balance sheet management of financial intermediaries reveal that it is equity that behaves like the pre-determined variable, and the asset size of the bank or financial intermediary is determined by the degree of leverage that is permitted by market conditions. The relative “stickiness ” of equity reveals
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