Holmberg, Ulf - Institutionen för Nationalekonomi, Umeå Universitet - 2012
equilibrium. Paper [III] studies the risk-return profile of centralized and decentralized banks. We address the conditions that … potential borrowers may nevertheless give a decentralized bank a lower overall risk in the lending portfolio than when decisions … the calculation of the Value at Risk. In particular, a seller seeking to liquidate a large portfolio may not face …