| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12800 |
| DP12800 Financial Intermediary Capital | |
| Adriano A. Rampini; S. Viswanathan | |
| 发表日期 | 2018-03-20 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We propose a dynamic theory of financial intermediaries that are better able to collateralize claims than households, that is, have a collateralization advantage. Intermediaries require capital as they have to finance the additional amount that they can lend out of their own net worth. The net worth of financial intermediaries and the corporate sector are both state variables affecting the spread between intermediated and direct finance and the dynamics of real economic activity, such as investment, and financing. The accumulation of net worth of intermediaries is slow relative to that of the corporate sector. The model is consistent with key stylized facts about macroeconomic downturns associated with a credit crunch, namely, their severity, their protractedness, and the fact that the severity of the credit crunch itself affects the severity and persistence of downturns. The model captures the tentative and halting nature of recoveries from crises. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Collateral Financial intermediation Financial constraints investment Financial crises |
| URL | https://cepr.org/publications/dp12800 |
| 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/541609 |
| 推荐引用方式 GB/T 7714 | Adriano A. Rampini,S. Viswanathan. DP12800 Financial Intermediary Capital. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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