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Financial intermediaries, markets, and growth
Fecht, Falko; Huang, Kevin - Econometric Society - 2004
studying an environment in which a trade-off between risk sharing and growth arises endogenously. Financial intermediaries …-sharing and growth. We show the balance of intermediaries and market that maximizes welfare depend on parameter values. …
Persistent link: https://www.econbiz.de/10005130194
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Liquidity and leverage
Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2008
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, eliciting responses from financial intermediaries who adjust the size of their balance sheets. We document evidence that marked-to-market leverage is...
Persistent link: https://www.econbiz.de/10003781549
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Financial Intermediaries, Markets and Growth
Fecht, Falko - 2016
We build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be...
Persistent link: https://www.econbiz.de/10012991332
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Liquidity and Leverage
Adrian, Tobias; Shin, Hyun Song - 2010
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, eliciting responses from financial intermediaries who adjust the size of their balance sheets. We document evidence that marked-to-market leverage is...
Persistent link: https://www.econbiz.de/10014217747
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Financial Intermediaries, Markets, and Growth
Fecht, Falko; Huang, Kevin X. D.; Martin, Antoine - 2019
-off between risk sharing and growth arises endogenously. In the model, financial intermediaries provide insurance to households …
Persistent link: https://www.econbiz.de/10014070836
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Financial Markets, Intermediaries, and Intertemporal Smoothing
Allen, Franklin; Gale, Douglas M. - 2011
In an overlapping generations economy with (incomplete) financial markets but no intermediaries, there is underinvestment in safe assets. In an economy with intermediaries and no financial markets, accumulating reserves of safe assets allows returns to be smoothed, nondiversifiable risk to be...
Persistent link: https://www.econbiz.de/10014027377
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Emerging Financial Markets and Early U.S. Growth
Rousseau, Peter L.; Sylla, Richard - Vanderbilt University Department of Economics - 2000
Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many … financing to businesses and governments as new technologies emerged, was central to the nation's early growth and modernization … hypothesis of "finance-led" growth in the U.S. case. By implication, the interest today in improving financial systems as a means …
Persistent link: https://www.econbiz.de/10005003887
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Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations
Kundu, Shohini; Vats, Nishant - 2021
relationship between foreign idiosyncratic shocks and domestic economic growth between 1978 and 2000. Contemporaneous changes in … associated with a 0.05-0.26 pp increase in economic growth. Lastly, this can potentially explain the Great Moderation. …
Persistent link: https://www.econbiz.de/10012694566
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Why do financial systems differ? History matters
Monnet, Cyril; Quintin, Erwan - 2005
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10011604488
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Adverse selection with heterogeneously informed agents
Davoodalhosseini, S. Mohammad R. - 2018
A model of over-the-counter markets is proposed. Some asset buyers are informed in that they can identify high quality assets. Heterogeneous sellers with private information choose what type of buyers they want to trade with. When the measure of informed buyers is low, there exists a unique and...
Persistent link: https://www.econbiz.de/10012014462