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The Secular Decline of Bank Balance Sheet Lending

Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …% to 13%. Additionally, the share of loans as a percentage of bank assets has fallen from 70% to 55%. We develop a …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …

Persistent link: https://www.econbiz.de/10014486266

Two Centuries of Finance and Growth in the United States, 1790-1980

Bodenhorn, Howard - 2016

Do efficient financial markets and institutions promote economic growth? Have they done so in the past? In this essay, to be included in the Handbook of Finance and Development (edited by Thorsten Beck and Ross Levine), I survey a large and diverse historical literature that explores the...

Persistent link: https://www.econbiz.de/10012456028

Financial Intermediation in the United States

Friedman, Benjamin M. - 1984

The principal rationales that give rise to financial intermediation are benefits of size and specialization, the diversification of specific asset risks, and the pooling of even broader classes of risk. Each is a significant factor in accounting for the U.S. economy's reliance on intermediation....

Persistent link: https://www.econbiz.de/10012477637

Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States

Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024

COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …

Persistent link: https://www.econbiz.de/10014486206

Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

Philippon, Thomas - 2012

I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...

Persistent link: https://www.econbiz.de/10012460582

An Autopsy of the U.S. Financial System

Levine, Ross - 2010

In this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system's demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by...

Persistent link: https://www.econbiz.de/10012462695

Financial Regulation in a Quantitative Model of the Modern Banking System

Begenau, Juliane; Landvoigt, Tim - National Bureau of Economic Research - 2021

bank leverage and a larger shadow banking sector. At the same time, tighter regulation eliminates the subsidies to …

Persistent link: https://www.econbiz.de/10012482716

non-bank financial intermediaries

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024

In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of …. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having … contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) Empirical work confirms bank-NBFI linkages …

Persistent link: https://www.econbiz.de/10014528356

The Value of Intermediaries for GSE Loans

Bosshardt, Joshua; Kakhbod, Ali; Kermani, Amir - National Bureau of Economic Research - 2023

We analyze the costs and benefits of intermediaries for government-sponsored enterprise (GSE) mortgages using regulatory data. We find evidence of lenders pricing for observable and unobservable default risk independently from the GSEs. These findings are explained using a model of competitive...

Persistent link: https://www.econbiz.de/10014337808

Liquidity Risk and U.S. Bank Lending at Home and Abroad

Correa, Ricardo - 2014

While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign...

Persistent link: https://www.econbiz.de/10012458381