| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w20207
|
| 来源ID | Working Paper 20207
|
| Banks Are Where The Liquidity Is |
| Oliver Hart; Luigi Zingales
|
| 发表日期 | 2014-06-12
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | What is so special about banks that their demise often triggers government intervention? In this paper we develop a simple model where, even ignoring interconnectedness issues, the failure of a bank causes a larger welfare loss than the failure of other institutions. The reason is that agents in need of liquidity tend to concentrate their holdings in banks. Thus, a shock to banks disproportionately affects the agents who need liquidity the most, reducing aggregate demand and the level of economic activity. In the context of our model, the optimal fiscal response to such a shock is to help people, not banks, and the size of this response should be larger if a bank, rather than a similarly-sized nonfinancial firm, fails. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Monetary Policy
; Financial Economics
; Financial Institutions
|
| URL | https://www.nber.org/papers/w20207
|
| 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/577881
|
推荐引用方式
GB/T 7714 |
Oliver Hart,Luigi Zingales. Banks Are Where The Liquidity Is. 2014.
|
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