| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1978 |
| DP1978 Overcoming Informational Barriers to International Resource Allocation: Prices and Group Ties | |
| Alessandra Casella; James E. Rauch | |
| 发表日期 | 1998-09-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | This paper analyses the optimal conglomeration of bank activities. We show that the effectiveness of market discipline for stand-alone activities (divisions) is of crucial importance for the potential benefits of conglomeration. We find that effective market discipline reduces the potential benefits of conglomeration. With ineffective market discipline of stand-alone activities conglomeration would further undermine market discipline, but may nevertheless be beneficial. In particular, when rents are not too high the diversification benefits of conglomeration may dominate the negative incentive effects. A more competitive environment therefore may induce conglomeration. We also show that introducing internal cost of allocation schemes may create ?internal? market discipline that complements the weak external market discipline of the conglomerate. In this context we show that these schemes should respond to actual risk choices, rather than be limited to anticipated risk choices. |
| 主题 | Financial Economics |
| 关键词 | Banks Internal organization Scope |
| URL | https://cepr.org/publications/dp1978 |
| 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/531107 |
| 推荐引用方式 GB/T 7714 | Alessandra Casella,James E. Rauch. DP1978 Overcoming Informational Barriers to International Resource Allocation: Prices and Group Ties. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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