| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14614 |
| 来源ID | Working Paper 14614 |
| Risk Bearing, Implicit Financial Services and Specialization in the Financial Industry | |
| J. Christina Wang; Susanto Basu | |
| 发表日期 | 2008-12-31 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper makes three points regarding the proper measurement of the output of financial intermediaries. Two of them concern the measurement of nominal financial output, especially banking output. First, we show that, to impute the nominal value of implicitly priced financial output, it is necessary to adjust each reference rate of interest (also called "the user cost of funds") for the risk inherent in that corresponding financial transaction. Otherwise, nominal financial output will be overstated, and the bias can be large (about 25 percent). Second, we argue that, according to finance theory, the required risk correction can be implemented practically at the level of industries (e.g., the banking sector as a whole). The third point concerns the construction of a financial services price index, and thus applies to the measurement of real output. We argue that the reference rates or the related rate spreads, which are used to impute the nominal output of financial institutions, are not the right implicit price deflators for deriving the real output of financial institutions |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w14614 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572290 |
| 推荐引用方式 GB/T 7714 | J. Christina Wang,Susanto Basu. Risk Bearing, Implicit Financial Services and Specialization in the Financial Industry. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14614.pdf（129KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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