| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15063 |
| DP15063 Interest Rates, Market Power, and Financial Stability | |
| David Martinez-Miera; Rafael Repullo | |
| 发表日期 | 2020-07-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper shows the relevance of market power to assess the effects of safe interest rates on financial intermediaries' risk-taking decisions. We consider an economy where (i) intermediaries have market power in granting loans, (ii) intermediaries monitor borrowers which lowers their probability of default, and (iii) monitoring is costly and unobservable which creates a moral hazard problem with uninsured depositors. We show that lower safe rates lead to lower intermediation margins and higher risk-taking when intermediaries have low market power, but the result reverses for high market power. We examine the robustness of this result to introducing non-monitored market finance, heterogeneity in monitoring costs, and entry and exit of intermediaries. We also consider the effect of replacing uninsured by insured deposits, market power in raising deposits, and funding with both deposits and capital. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Imperfect competition Intermediation margins Bank monitoring Bank risk-taking monetary policy |
| URL | https://cepr.org/publications/dp15063 |
| 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/544017 |
| 推荐引用方式 GB/T 7714 | David Martinez-Miera,Rafael Repullo. DP15063 Interest Rates, Market Power, and Financial Stability. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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