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Equilibrium Corporate Finance and Intermediation
Bisin, Alberto - 2014
This paper analyzes a class of competitive economies with production, incomplete financial markets, and agency frictions. Firms take their production, financing, and contractual decisions so as to maximize their value under rational conjectures. We show that competitive equilibria exist and that...
Persistent link: https://www.econbiz.de/10013049698
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Banks as Secret Keepers
Dang, Tri Vi - 2014
Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires … that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value …-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance …
Persistent link: https://www.econbiz.de/10013051755
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Financing Constraints and Entrepreneurship
Kerr, William - 2014
Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal...
Persistent link: https://www.econbiz.de/10013070601
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Financing Development : The Role of Information Costs
Greenwood, Jeremy - 2010
How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10012760093
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Financing the American Corporation : The Changing Menu of Financial Rela-Tionships
Calomiris, Charles W. - 2010
The history of the financing of the American corporation can be described along many dimensions. One dimension of that history that underlies various measures of historical change in corporate finance is the range of feasible relationships between corporations and intermediaries. Intermediaries...
Persistent link: https://www.econbiz.de/10012763786
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Financing Innovation
Kerr, William - 2015
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review...
Persistent link: https://www.econbiz.de/10013031824
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Procyclicality and Monetary Aggregates
Shin, Hyun Song - 2011
Financial intermediaries borrow in order to lend. When credit is increasing rapidly, the traditional deposit funding (core liabilities) is supplemented with other funding (non-core liabilities). We explore the hypothesis that monetary aggregates reflect the size of non-core and core liabilities...
Persistent link: https://www.econbiz.de/10013129118
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A Model of Shadow Banking
Gennaioli, Nicola - 2011
We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and...
Persistent link: https://www.econbiz.de/10013123980
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Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy
Cespedes, Luis Felipe - 2012
This paper develops an open economy model in which financial intermediation is subject to occasionally binding collateral constraints, and uses the model to study unconventional policies such as credit facilities and foreign exchange intervention. The model highlights the interaction between the...
Persistent link: https://www.econbiz.de/10013099827
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Unstable Banking
Shleifer, Andrei - 2010
. Banks maximize profits, and there are no conflicts of interest between bank shareholders and creditors. The theory explains …We propose a theory of financial intermediaries operating in markets influenced by investor sentiment. In our model …
Persistent link: https://www.econbiz.de/10013152798