| dc.creator |
Fecht, Falko |
|
| dc.creator |
Huang, Kevin |
|
| dc.creator |
Martin, Antoine |
|
| dc.date |
2005 |
|
| dc.date.accessioned |
2013-10-16T07:05:22Z |
|
| dc.date.available |
2013-10-16T07:05:22Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/19511 |
|
| dc.identifier |
ppn:483236489 |
|
| dc.identifier |
RePEc:zbw:bubdp1:2937 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/19511 |
|
| dc.description |
We build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be beneficial because intermediaries invest less in the productive technology when they provide more risk-sharing. Our model predicts that bank-oriented economies should grow slower than more market-oriented economies, which is consistent with some recent empirical evidence. We show that the mix of intermediaries and market that maximizes welfare under a given level of financial development depends on economic fundamentals. We also show the optimal mix of two structurally very similar economies can be very different. |
|
| dc.language |
eng |
|
| dc.relation |
Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2005,03 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
E44 |
|
| dc.subject |
G20 |
|
| dc.subject |
G10 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
Financial Intermediaries |
|
| dc.subject |
Risk Sharing |
|
| dc.subject |
Finance and Growth |
|
| dc.subject |
Comparing Financial Systems |
|
| dc.subject |
Finanzintermediär |
|
| dc.subject |
Finanzmarkt |
|
| dc.subject |
Investition |
|
| dc.subject |
Allokation |
|
| dc.subject |
Wirtschaftswachstum |
|
| dc.subject |
Overlapping Generations |
|
| dc.title |
Financial intermediaries, markets and growth |
|
| dc.type |
doc-type:workingPaper |
|