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来源类型Working Paper
规范类型报告
DOI10.3386/w23930
来源IDWorking 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
URLhttps://www.nber.org/papers/w23930
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581603
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GB/T 7714
Emmanuel Farhi,Jean Tirole. Shadow Banking and the Four Pillars of Traditional Financial Intermediation. 2017.
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