| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21258 |
| 来源ID | Working Paper 21258 |
| Customers and Investors: A Framework for Understanding Financial Institutions | |
| Robert C. Merton; Richard T. Thakor | |
| 发表日期 | 2015-06-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Financial institutions have both investors and customers. Investors, such as those who invest in stocks and bonds or private/public-sector guarantors of institutions, expect an appropriate risk-adjusted return in exchange for the financing and risk-bearing that they provide. Customers of a financial intermediary, in contrast, provide financing in exchange for a specific set of services, and do not want the fulfillment of these services to be contingent on the credit risk of the intermediary, even when they are not small, uninformed agents lacking in sophistication. This paper develops a framework that defines the roles of customers and investors in intermediaries, and uses the framework to provide an economic foundation for the aversion to intermediary credit risk on the part of its customers. This customer-investor nexus has implications for a host of issues related to how contracts between financial intermediaries and their customers are structured and how risks are shared between them, as well as the consequences of (unanticipated) deviations from the ex ante efficient contractual arrangement for institutional design, regulatory practices, and financial crises. Moreover, customers and investors are often intertwined in practice, and so this intertwining provides insights into the adoption of “too-big-to-fail” policies and bailouts by regulators in general. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics ; Financial Institutions ; Public Economics |
| URL | https://www.nber.org/papers/w21258 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578933 |
| 推荐引用方式 GB/T 7714 | Robert C. Merton,Richard T. Thakor. Customers and Investors: A Framework for Understanding Financial Institutions. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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