| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20288 |
| 来源ID | Working Paper 20288 |
| Banks as Patient Fixed-Income Investors | |
| Samuel G. Hanson; Andrei Shleifer; Jeremy C. Stein; Robert W. Vishny | |
| 发表日期 | 2014-07-10 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create safe claims by relying on deposit insurance, supported by costly equity capital. This structure allows bank depositors to remain "sleepy": they do not have to pay attention to transient fluctuations in the mark-to-market value of bank assets. In contrast, shadow banks create safe claims by giving their investors an early exit option that allows them to seize collateral and liquidate it at the first sign of trouble. Thus traditional banks have a stable source of funding, while shadow banks are subject to runs and fire-sale losses. These different funding models in turn influence the kinds of assets that traditional banks and shadow banks hold in equilibrium: traditional banks have a comparative advantage at holding fixed-income assets that have only modest fundamental risk, but are relatively illiquid and have substantial transitory price volatility. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w20288 |
| 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/577961 |
| 推荐引用方式 GB/T 7714 | Samuel G. Hanson,Andrei Shleifer,Jeremy C. Stein,et al. Banks as Patient Fixed-Income Investors. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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