| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4004 |
| DP4004 Foreign Aid Designed to Diminish Terrorist Atrocities can Increase Them | |
| Michael Spagat; Michael Mandler | |
| 发表日期 | 2003-08-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We examine the optimal allocation of equity and debt across banks and industrial firms when both are faced with incentive problems and firms borrow from banks. Increasing bank equity mitigates the bank-level moral hazard but may exacerbate the firm-level moral hazard due to the dilution of firm equity. Competition among banks does not result in a socially efficient level of equity. Imposing capital requirements on banks leads to the socially optimal capital structure of the economy in the sense of maximizing aggregate output. Such capital regulation is second-best and must balance three costs: excessive risk-taking of banks, credit restrictions banks impose on firms with low equity, and credit restrictions due to high loan interest rates. |
| 主题 | Financial Economics |
| 关键词 | Financial intermediation Double incentive problems Bank capital Banking regulation Capital structure of the economy |
| URL | https://cepr.org/publications/dp4004 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532983 |
| 推荐引用方式 GB/T 7714 | Michael Spagat,Michael Mandler. DP4004 Foreign Aid Designed to Diminish Terrorist Atrocities can Increase Them. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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