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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w23930 |
来源ID | Working Paper 23930 |
Shadow Banking and the Four Pillars of Traditional Financial Intermediation | |
Emmanuel Farhi; Jean Tirole | |
发表日期 | 2017-10-16 |
出版年 | 2017 |
语种 | 英语 |
摘要 | Traditional banking is built on four pillars: SME lending, insured deposit taking, access to lender of last resort, and prudential supervision. This paper unveils the logic of the quadrilogy by showing that it emerges naturally as an equilibrium outcome in a game between banks and the government. A key insight is that regulation and public insurance services (LOLR, deposit insurance) are complementary. The model also shows how prudential regulation must adjust to the emergence of shadow banking, and rationalizes structural remedies to counter financial contagion: ring-fencing between regulated and shadow banking and the sharing of liquidity in centralized platforms. |
主题 | Macroeconomics ; Financial Economics |
URL | https://www.nber.org/papers/w23930 |
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/581603 |
推荐引用方式 GB/T 7714 | Emmanuel Farhi,Jean Tirole. Shadow Banking and the Four Pillars of Traditional Financial Intermediation. 2017. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w23930.pdf(604KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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