全球智库信息集成服务系统(G2TT): Intermediation via Credit Chains

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29632
来源ID	Working Paper 29632
	Intermediation via Credit Chains
	Zhiguo He; Jian Li
发表日期	2022-01-10
出版年	2022
语种	英语
摘要	The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We develop a dynamic model in which an entrepreneur borrows from overlapping-generation households via layers of funds, forming a credit chain. Each intermediary fund in the chain faces rollover risks from its lenders, and the optimal debt contracts among layers are time invariant and layer independent. The model delivers new insights regarding the benefits of intermediation via layers: the chain structure insulates interim negative fundamental shocks and protects the underlying cash flows from being discounted heavily during bad times, resulting in a greater borrowing capacity. We show that the equilibrium chain length minimizes the run risk for any given contract and find that restricting credit chain length can improve total welfare once the available funding from households has been endogenized.
主题	Microeconomics ; Economics of Information ; Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance
URL	https://www.nber.org/papers/w29632
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/587305
推荐引用方式 GB/T 7714	Zhiguo He,Jian Li. Intermediation via Credit Chains. 2022.

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
w29632.pdf（918KB）	智库出版物		限制开放	CC BY-NC-SA	浏览