| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1237 |
| DP1237 Banking Scope, Financial Innovation, and the Evolution of the Financial System | |
| Anjan Thakor; Arnoud Boot | |
| 发表日期 | 1995-09-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | The main purpose of this paper is to take a step towards building a theory of financial system architecture. We begin with basic assumptions about the types of primitive agents and the nature of informational asymmetries in the economy, and then provide a theory that explains which agents coalesce to form banks and which agents trade in the capital market. Our theory incorporates a model of financial market equilibrium with sufficient richness to enable market prices to convey decision-relevant information to firms and makes it possible to extract broader implications regarding the configuration of financial systems. The borrower's choice between bank and financial market funding is examined in this framework, and it is shown that borrowers of higher observable qualities directly access the financial market. Moreover, a financial system in its infancy is likely to be bank dominated, and financial innovation causes a decline in the relative importance of banks in lending. |
| 主题 | Financial Economics |
| 关键词 | Financial system design Investment and commercial banking |
| URL | https://cepr.org/publications/dp1237 |
| 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/530380 |
| 推荐引用方式 GB/T 7714 | Anjan Thakor,Arnoud Boot. DP1237 Banking Scope, Financial Innovation, and the Evolution of the Financial System. 1995. |
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