[经济学]a theory of bank capital

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1、AtheoryofbankcapitalDouglasWDiamond, RaghuramGRajan. TheJournalofFinance. Cambridge: Dec2000. Vol. 55, Iss. 6;  pg. 2431, 35 pgs摘要(文章汇总)Bankscancreateliquiditypreciselybecausedepositsarefragileandpronetoruns.Increaseduncertaintymakesdepositsexcessivelyfragile,creatingaroleforoutsidebankcapit

2、al.Greaterbankcapitalreducestheprobabilityoffinancialdistressbutalsoreducesliquiditycreation.Thequantityofcapitalinfluencestheamountthatbankscaninduceborrowerstopay.Optimalbankcapitalstructuretradesoffeffectsonliquiditycreation,costsofbankdistress,andtheabilitytoforceborrowerrepayment.Themod

3、elexplainsthedeclineinbankcapitaloverthelast2centuries.Itidentifiesoverlookedconsequencesofhavingregulatorycapitalrequirementsanddepositinsurance.Bankinginatheoryofthebusinesscycle:AmodelandcritiqueoftheBasleAccordonrisk-basedcapitalrequirementsforbanksRobertEKrainer. InternationalReviewofLa

4、wandEconomics. NewYork: May2002. Vol. 21, Iss. 4;  pg. 413摘要(文章汇总)Thispaperpresentsatheoreticalframeworkforunderstandingtheinvestmentdecisionsandfinancingdecisionsoffinancialandnon-financialenterprisesoverthebusinesscycle.Atthecoreofthistheoreticalframeworkisanagencyproblembetweenrelativelym

5、oreriskaversedepositor/bondholdersandrelativelylessriskaversestockholders.Thesolutiontothisagencyproblemisacorporategovernancesystemthattakestheformofanup-frontcontractthatdirectsmanagerstomakeportfolio/investmentdecisionsintheinterestoftheirstockholders,andfinancingdecisionsintheinterestoft

6、heirdepositor/bondholders.Thisenablesdepositor/bondholderstooffsetanyriskshiftingportfolio/investmentdecisionsmadeonbehalfoftheshareholderstherebymitigatingthemoralhazardproblemamongdebtorsandcreditors.TheBasleAccordonrisk-basedcapitalrequirementsfordepositoryinstitutionsisoneparticularregul

7、atoryapplicationofthismoregeneraltheoreticalframework.ThepaperconcludeswithacomparisonbetweentheBasleAccordandthe100%reserveornarrowbankingproposalasthemeansofachievingarisk-freemediumofexchangeandafinancialsystemthatfacilitatestheoptimaltransferof