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来源类型Working Paper
规范类型报告
DOI10.3386/w14615
来源IDWorking Paper 14615
The Value of Risk: Measuring the Service Output of U.S. Commercial Banks
Susanto Basu; Robert Inklaar; J. Christina Wang
发表日期2008-12-31
出版年2008
语种英语
摘要Rather than charging direct fees, banks often charge implicitly for their services via interest spreads. As a result, much of bank output has to be estimated indirectly. In contrast to current statistical practice, dynamic optimizing models of banks argue that compensation for bearing systematic risk is not part of bank output. We apply these models and find that between 1997 and 2007, in the U.S. National Accounts, on average, bank output is overestimated by 21 percent and GDP is overestimated by 0.3 percent. Moreover, compared with current methods, our new estimates imply more plausible estimates of the share of capital in income and the return on fixed capital.
主题Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w14615
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/572291
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Susanto Basu,Robert Inklaar,J. Christina Wang. The Value of Risk: Measuring the Service Output of U.S. Commercial Banks. 2008.
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