أعرض تسجيلة المادة بشكل مبسط

dc.creator Hartmann, Philipp
dc.creator Grüner, Hans Peter
dc.creator Fecht, Falko
dc.date 2007
dc.date.accessioned 2013-10-16T07:06:45Z
dc.date.available 2013-10-16T07:06:45Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19770
dc.identifier ppn:543436683
dc.identifier RePEc:zbw:bubdp2:6154
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19770
dc.description This paper compares four forms of inter-regional financial risk sharing: (i) segmentation, (ii) integration trough the secured interbank market, (iii) integration trough the unsecured interbank market, (iv) integration of retail markets. The secured interbank market is an optimal risk-sharing device when banks report liquidity needs truthfully. It allows diversification without the risk of cross-regional financial contagion. However, free-riding on the liquidity provision in this market restrains the achievable risk-sharing as the number of integrated regions increases. In too large an area this moral hazard problem becomes so severe that either unsecured interbank lending or, ultimately, the penetration of retail markets is preferable. Even though this deeper financial integration entails the risk of contagion it may be beneficial for large economic areas, because it can implement an efficient sharing of idiosyncratic regional shocks. Therefore, the enlargement of a monetary union, for example, extending the common interbank market might increase the benefits of also integrating retail banking markets through cross-border transactions or bank mergers.
dc.language eng
dc.relation Discussion Paper, Series 2: Banking and Financial Supervision 2007,11
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject D61
dc.subject G10
dc.subject E44
dc.subject G21
dc.subject ddc:330
dc.subject Financial integration
dc.subject interbank market
dc.subject cross border lending
dc.subject financial contagion
dc.subject Finanzmarkt
dc.subject Marktintegration
dc.subject Bankensystem
dc.subject Fusion
dc.subject Risikomanagement
dc.subject Wohlfahrtseffekt
dc.subject EU-Staaten
dc.subject Schweiz
dc.subject USA
dc.title Welfare effects of financial integration
dc.type doc-type:workingPaper
dc.coverage 1997-2004


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أعرض تسجيلة المادة بشكل مبسط