| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13955 |
| DP13955 Money Runs | |
| Jason Donaldson; Giorgia Piacentino | |
| 发表日期 | 2019-08-27 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We develop a model in which, as in practice, bank debt is both a financial security used to raise funds and a kind of money used to facilitate trade. This dual role of bank debt provides a new rationale for why banks do what they do. In the model, banks endogenously perform the essential functions of real-world banks: they transform liquidity, transform maturity, pool assets, and have dispersed depositors. Moreover, they make their debt redeemable on demand. Thus, they are endogenously fragile. We show novel effects of narrow banking, suspension of convertibility, and some other policies. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Banking Private money Financial fragility Demandable debt |
| URL | https://cepr.org/publications/dp13955 |
| 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/542836 |
| 推荐引用方式 GB/T 7714 | Jason Donaldson,Giorgia Piacentino. DP13955 Money Runs. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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