| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14524 |
| DP14524 The aggregate demand for bank capital | |
| Marcus Opp; Milton Harris; Christian Opp | |
| 发表日期 | 2020-03-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We propose a novel conceptual approach to transparently characterizing credit market outcomes in economies with multi-dimensional borrower heterogeneity. Based on characterizations of securities' implicit demand for bank equity capital, we obtain closed-form expressions for the composition of credit, including a sufficient statistic for the provision of bank loans, and a novel cross-sectional asset pricing relation for securities held by regulated levered institutions. Our framework sheds light on the compositional shifts in credit prior to the 07/08 financial crisis and the European debt crisis, and can provide guidance on the allocative effects of shocks affecting both banks and the cross-sectional distribution of borrowers. |
| 主题 | Financial Economics |
| 关键词 | Composition of credit Bank capital Non-bank competition Bailouts Credit rationing Overinvestment Crowding out Institutional asset pricing |
| URL | https://cepr.org/publications/dp14524 |
| 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/543427 |
| 推荐引用方式 GB/T 7714 | Marcus Opp,Milton Harris,Christian Opp. DP14524 The aggregate demand for bank capital. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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