| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7021 |
| DP7021 Why Do Many Resource-Rich Countries Have Negative Genuine Saving? Anticipation of Better Times or Rapacious Rent Seeking | |
| Frederick van der Ploeg | |
| 发表日期 | 2008-10-24 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We study liquidity transfers between banks through the interbank borrowing and asset sale markets when (i) surplus banks providing liquidity have market power, (ii) there are frictions in the lending market due to moral hazard, and (iii) assets are bank-specific. We show that when the outside options of needy banks are weak, surplus banks may strategically under-provide lending, thereby inducing inefficient sales of bank-specific assets. A central bank can ameliorate this inefficiency by standing ready to lend to needy banks, provided it has greater information about banks (e.g., through supervision) compared to outside markets, or is prepared to extend loss- making loans. The public provision of liquidity to banks, in fact its mere credibility, can thus improve the private allocation of liquidity among banks. This rationale for central banking finds support in historical episodes preceding the modern era of central banking and has implications for recent debates on the supervisory and lender-of-last-resort roles of central banks. |
| 主题 | Central Banking |
| 关键词 | Asset specificity Central bank Competition Interbank lending Lender of last resort market power |
| URL | https://cepr.org/publications/dp7021 |
| 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/535858 |
| 推荐引用方式 GB/T 7714 | Frederick van der Ploeg. DP7021 Why Do Many Resource-Rich Countries Have Negative Genuine Saving? Anticipation of Better Times or Rapacious Rent Seeking. 2008. |
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