| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27858 |
| 来源ID | Working Paper 27858 |
| The Aggregate Demand for Bank Capital | |
| Milton Harris; Christian Opp; Marcus Opp | |
| 发表日期 | 2020-09-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We propose a novel conceptual approach to transparently characterizing credit market outcomes in economies with multi-dimensional borrower heterogeneity. Based on characterizations of securities' implicit demand for bank equity capital, we obtain closed-form expressions for the composition of credit, including a sufficient statistic for the provision of bank loans, and a novel cross-sectional asset pricing relation for securities held by regulated levered institutions. Our framework sheds light on the compositional shifts in credit prior to the 07/08 financial crisis and the European debt crisis, and can provide guidance on the allocative effects of shocks affecting both banks and the cross-sectional distribution of borrowers. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w27858 |
| 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/585532 |
| 推荐引用方式 GB/T 7714 | Milton Harris,Christian Opp,Marcus Opp. The Aggregate Demand for Bank Capital. 2020. |
| 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 | ||
| w27858.pdf（742KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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