separating equilibrium with no limit pricing; thelow-cost incumbent repays more to the bank in the first period, due to the … threat of entry; andthere are parameter values for which the bank makes more profits with the threat of entry thanwithout. …

regulated institutions such as bank holding companies and insurance companies, thus creating a source of systemic risk for the …

intermediation through MMFs allows investors to limit their exposure to a given bank (i.e., reap gains from diversifi cation … an MMF-intermediated financial system is the release of private information on bank assets, which is aggregated by MMFs … and could lead them to withdraw en masse from a bank. In addition, we show that MMF intermediation can also be a channel …