We study efficiency properties of competitive economies in which banks provide liquidity insurance and interact on secondary asset markets. While all banks are subject to extrinsic risk, a bank's portfolio choice determines whether it is prone to a bank run in one of the extrinsic states. Asset...

A bank's decision on loan supply and capital structure determines its immediate bankruptcy risk as well as the future availability of internal funds. These internal funds in turn determine a bank's future costs of external finance and future vulnerability to bankruptcy risks. We study these...

A bank's decision on loan supply and capital structure determines its immediate bankruptcy risk as well as the future availability of internal funds. These internal funds in turn determine a bank's future costs of external finance and future vulnerability to bankruptcy risks. We study these...

Mit einer extremen Niedrigzinspolitik, die mit negativen Einlagesätzen einhergeht, versucht die Europäische Zentralbank, die Kreditvergabe im Euroraum zu stimulieren. Dieser Beitrag diskutiert, welchen Einfluss Veränderungen des Einlagesatzes auf das Kreditangebot der Banken haben. Es wird...

This paper shows that depending on the distribution of banks' uncertain liquidity needs and on how monetary policy is implemented, frictions in the interbank market may reinforce the effectiveness of monetary policy. These frictions imply that with its lending and deposit facilities the central...

Mit einer extremen Niedrigzinspolitik, die mit negativen Einlagesätzen einhergeht, versucht die EZB, die Kreditvergabe im Euroraum zu stimulieren. Dieser Beitrag diskutiert, welchen Einfluss Veränderungen des Einlagesatzes der EZB auf die Bankenkreditvergabe haben. Es wird argumentiert, dass...

Mit einer extremen Niedrigzinspolitik, die mit negativen Einlagesätzen einhergeht, versucht die Europäische Zentralbank, die Kreditvergabe im Euroraum zu stimulieren. Dieser Beitrag diskutiert, welchen Einfluss Veränderungen des Einlagesatzes auf das Kreditangebot der Banken haben. Es wird...

This paper shows that depending on the distribution of banks' uncertain liquidity needs and on how monetary policy is implemented, frictions in the interbank market may reinforce the effectiveness of monetary policy. These frictions imply that with its lending and deposit facilities the central...

This paper shows that depending on the distribution of banks' uncertain liquidity needs and on how monetary policy is implemented, frictions in the interbank market may reinforce the effectiveness of monetary policy. The frictions imply that with its lending and deposit facilities the central...