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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19511| Title: | Financial intermediaries, markets and growth |
| Keywords: | E44 G20 G10 ddc:330 Financial Intermediaries Risk Sharing Finance and Growth Comparing Financial Systems Finanzintermediär Finanzmarkt Investition Allokation Wirtschaftswachstum Overlapping Generations |
| Issue Date: | 16-Oct-2013 |
| 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19511 |
| Other Identifiers: | http://hdl.handle.net/10419/19511 ppn:483236489 RePEc:zbw:bubdp1:2937 |
| Appears in Collections: | EconStor |
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