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The Theory of Financial Intermediation: An Essay On What It Does (Not) Explain
Scholtens, Bert; van Wensveen, Dick - 2003
This essay reflects upon the relationship between the current theory of financial intermediation and real …-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation …. Current financial intermediation theory builds on the notion that intermediaries serve to reduce transaction costs and …
Persistent link: https://www.econbiz.de/10011689907
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Financing the alternative: renewable energy in developing and transition countries
Brunnschweiler, Christa N. - 2006
This paper examines the determinants of credit allocation to renewable energy firms in developing and transition countries. Using a simple en- dogenous growth model, we show that the development of the renewable energy sector, i.e. the diversification of renewable energy resources used in...
Persistent link: https://www.econbiz.de/10011753114
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Financial systems and venture capital in Nordic countries: A comparative study
Hyytinen, Ari; Pajarinen, Mika - 2001
In this paper we present a comparative analysis of Nordic countries’ financial systems and consider in particular the recent growth of Nordic venture capital industries. We document that the Nordic countries’ financial systems display several similarities that have characterized their...
Persistent link: https://www.econbiz.de/10010285043
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Macroeconomic Evolution after a Production Shock: the Role for Financial Intermediation
Vinogradov, Dmitri V. - 2006
economy and compares abilities of market-based and bank-based financial systems in processing the shock. Unregulated banking …
Persistent link: https://www.econbiz.de/10011422146
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Fiscal Deficits, Financial Fragility, and the Effectiveness of Government Policies
Kirchner, Markus; van Wijnbergen, Sweder - 2012
Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...
Persistent link: https://www.econbiz.de/10010326246
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Financial Development, Economic Growth and Corporate Governance
Winkler, Adalbert - 1998
development. The second part of the paper seeks to identify the determinants of financial development based on Diamond's theory of …
Persistent link: https://www.econbiz.de/10010330134
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The Shadow Banking System - Survey and Typological Framework
Poschmann, Jenny - 2012
Even though the sector of Non-bank financial intermediaries (NBFI) or shadow banks represent a large part of the …
Persistent link: https://www.econbiz.de/10010334475
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Banking with Contingent Contracts, Macroeconomic Risks, and Banking Crises
Gersbach, Hans - 2008
We examine banking competition when deposit or loan contracts contingent on macroeconomic shocks become feasible. We show that the risk allocation is efficient, provided that banks are not bailed out. In this case, banks may shift part of the risk to depositors. The private sector insures the...
Persistent link: https://www.econbiz.de/10011753157
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Deposit Insurance in General Equilibrium
Gersbach, Hans; Britz, Volker; Haller, Hans - 2016
We study the consequences and optimal design of bank deposit insurance in a general equilibrium model. The model …. In the latter case, bank lending is too large relative to equity and the probability that the banking system collapses is …
Persistent link: https://www.econbiz.de/10011753322
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A macroeconomic framework for quantifying systemic risk
He, Zhiguo; Krishnamurthy, Arvind - 2012
Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation. We present a macroeconomic model with a financial intermediary sector subject to an equity capital...
Persistent link: https://www.econbiz.de/10011506753