| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23302 |
| 来源ID | Working Paper 23302 |
| Financial Intermediary Capital | |
| Adriano A. Rampini; S. Viswanathan | |
| 发表日期 | 2017-04-03 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We propose a dynamic theory of financial intermediaries that are better able to collateralize claims than households, that is, have a collateralization advantage. Intermediaries require capital as they can borrow against their loans only to the extent that households themselves can collateralize the assets backing these loans. The net worth of financial intermediaries and the corporate sector are both state variables affecting the spread between intermediated and direct finance and the dynamics of real economic activity, such as investment, and financing. The accumulation of net worth of intermediaries is slow relative to that of the corporate sector. The model is consistent with key stylized facts about macroeconomic downturns associated with a credit crunch, namely, their severity, their protractedness, and the fact that the severity of the credit crunch itself affects the severity and persistence of downturns. The model captures the tentative and halting nature of recoveries from crises. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w23302 |
| 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/580976 |
| 推荐引用方式 GB/T 7714 | Adriano A. Rampini,S. Viswanathan. Financial Intermediary Capital. 2017. |
| 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 | ||
| w23302.pdf（939KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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