| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5238 |
| DP5238 A Protectionist Bias in Majoritarian Politics | |
| Elhanan Helpman; Gene Grossman | |
| 发表日期 | 2005-09-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Recent empirical studies criticize the sluggish financial integration in the euro area and find that only interbank money markets are fully integrated so far. This paper studies the optimal regional and/or sectoral integration of financial systems given that integration is restricted to the interbank market. Based on Allen and Gale?s (2000) seminal analysis of financial contagion we derive the interbank market structure that maximizes consumers? ex ante expected utility, taking into account the trade-off between the contagion and the diversification effect of financial integration. We analyse the impact of various structural parameters including the underlying stochastic structure on this trade-off. In addition we derive the efficient design of the interbank market that allows for a cross-regional risk sharing between banks. We also provide a measure for the efficiency losses that result if financial integration is limited to an integration of the interbank market. |
| 主题 | Financial Economics |
| 关键词 | Interbank market Risk sharing Financial contagion Financial integration |
| URL | https://cepr.org/publications/dp5238 |
| 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/534110 |
| 推荐引用方式 GB/T 7714 | Elhanan Helpman,Gene Grossman. DP5238 A Protectionist Bias in Majoritarian Politics. 2005. |
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