| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25946 |
| 来源ID | Working Paper 25946 |
| Intermediation Variety | |
| Jason Roderick Donaldson; Giorgia Piacentino; Anjan Thakor | |
| 发表日期 | 2019-06-17 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We explain the emergence of a variety of intermediaries in a model based only on differences in their funding costs. Banks have a low cost of capital due to, say, safety nets or money-like liabilities. We show, however, that this can be a disadvantage, because it exacerbates soft-budget-constraint problems, making it costly to finance innovative projects. Non-banks emerge to finance them. Their high cost of capital is an advantage, because it works as a commitment device to withhold capital, solving soft-budget-constraint problems. Still, non-banks never take over the entire market, but coexist with banks in equilibrium. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w25946 |
| 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/583620 |
| 推荐引用方式 GB/T 7714 | Jason Roderick Donaldson,Giorgia Piacentino,Anjan Thakor. Intermediation Variety. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25946.pdf（423KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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