| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1249
|
| DP1249 Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts |
| Lars E.O. Svensson
|
| 发表日期 | 1995-10-31
|
| 出版年 | 1995
|
| 语种 | 英语
|
| 摘要 | This paper explores the implications of financial system design for financial innovation. We begin with assumptions about the investment opportunities of firms, their observable attributes, and the roles of commericial banks, investment banks, and the financial market. We examine the borrower's choice between bank and financial market funding, the commercial bank's choice of monitoring capacity, and the investment bank's choice of whether to invest in financial innovation. Our main result is that financial innovation in a universal banking system is stochastically lower than innovation in a financial system in which commercial and investment banks are functionally separated. This result is accompanied by a host of policy implications regarding the effects of fragmentation and the evolution of financial systems. |
| 主题 | Financial Economics
|
| 关键词 | Banking scope
Financial innovation
Financial system design
|
| URL | https://cepr.org/publications/dp1249
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530392
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推荐引用方式
GB/T 7714 |
Lars E.O. Svensson. DP1249 Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts. 1995.
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