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The Theory of Financial Intermediation: An Essay On What It Does (Not) Explain

Scholtens, Bert; Wensveen, Dick van - SUERF - The European Money and Finance Forum

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...

Persistent link: https://www.econbiz.de/10005533079

Securitization under Asymmetric Information over the Business Cycle

Kuncl, Martin - 2015

This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about the quality of securitized assets. I show that when retaining part of the risk, the issuer of securitized assets may credibly...

Persistent link: https://www.econbiz.de/10011396684

Securitization under asymmetric information over the business cycle

Kuncl, Martin - 2015

Persistent link: https://www.econbiz.de/10010479999

Modelling the effects of financial sector functions on economic growth in a developing country: a cointegration and error correction approach

Tennant, David; Kirton, Claremont; Abdulkadri, Abdullahi - In: Journal of Developing Areas 44 (2011) 2, pp. 183-206

relationship between these functions and economic growth using methods that more accurately conform to theory, and which broaden … our understanding of the mechanisms through which the financial sector impacts on growth. Our analytical models provide … growth. Our results suggest that if financial sector reforms are to be more effective, greater focus has to be placed on …

Persistent link: https://www.econbiz.de/10011213273

Securitization under Asymmetric Information over the Business Cycle

Kuncl, Martin - Bank of Canada - 2015

Persistent link: https://www.econbiz.de/10011170163

Monetary policy effects on financial intermediation via the regulated and the shadow banking systems

Mazelis, Falk - 2014 - Preliminary Draft

We extend the monetary DSGE model by Gertler and Karadi (2011) with a non-bank financial intermediary to investigate the impact of monetary policy shocks on aggregate loan supply. We distinguish between bank and non-bank intermediaries based on the liquidity of their credit claims. While banks...

Persistent link: https://www.econbiz.de/10010413251

Distress in the Financial Sector and Economic Activity

Carlson, Mark A. - 2010

This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop an indicator of financial sector health using a distance-to-default measure based on a Merton-style option pricing model. Our measure spans over three decades and appears to...

Persistent link: https://www.econbiz.de/10013136451

Banks, Growth and Geography

Singh, Raju - 2009

This paper presents a general equilibrium endogenous growth model, in which financial intermediaries evaluate the … being financed, and thereby accelerates economic growth. This positive effect does not depend on the degree of individuals …

Persistent link: https://www.econbiz.de/10013156010

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets

Chen, Hui - 2019

We propose a new measure of financial intermediary constraints based on how the intermediaries manage their tail risk exposures. Using a unique dataset for the trading activities in the market of deep out-of-the-money S&P 500 put options, we identify periods when the variations in the net amount...

Persistent link: https://www.econbiz.de/10012905688

Inefficiency and Regulation of Private Liquidity

Benigno, Pierpaolo - 2019

We propose a simple model to study the efficiency of private liquidity creation by financial intermediaries. Liquidity is provided by both safe and risky debt, and liquidity crises arise when risky debt is defaulted on and stops providing liquidity services. Because of a novel externality...

Persistent link: https://www.econbiz.de/10012889838