handbook of the economics of finance financial intermediation

《handbook of the economics of finance financial intermediation》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、Chapter8FINANCIALINTERMEDIATIONGARYGORTONTheWhartonSchool,UniversityofPennsylvania,andNBERANDREWWINTONCarlsonSchoolofManagement,UniversityofMinnesotaContentsAbstract432Keywords4321.Introduction4332.Theexistenceoffinancialintermediaries4372.1.Empiricalevidenceonbankuniqueness4372.2.Banksasdelegatedmo

2、nitors4402.3.Banksasinformationproducers4442.4.Banksasconsumptionsmoothers4482.5.Banksasliquidityproviders4532.6.Banksascommitmentmechanisms4562.7.Empiricaltestsofbank-existencetheories4582.8.Bondsversusloans4592.9.Banksversusstockmarkets4613.Interactionsbetweenbanksandborrowers4623.1.Dynamicrelati

3、onshipsandtheprosandconsofbankmonitoring4633.2.Monitoringandloanstructure4693.3.Beyondlending:equitystakes,boardseats,andmonitoring4743.4.Bankingsectorstructureandlending4793.5.Creditcyclesandtheeffectofbankfundingonlending4904.Bankingpanicsandthestabilityofbankingsystems4944.1.Definitionsofbankingp

4、anicsandtherelationofpanicstothebusinesscycle4954.2.Panicsandtheindustrialorganizationofthebankingindustry4994.3.Privatebankcoalitions5014.4.Arebanksinherentlyflawedinstitutions?5034.5.Information-basedtheoriesofpanics5054.6.Otherpanictheories5074.7.Testsofpanictheories5084.8.Thebankingcrisesduringt

5、heGreatDepression511HandbookoftheEconomicsofFinance,EditedbyG.M.Constantinides,M.HarrisandR.Stulz©2003ElsevierB.V.Allrightsreserved432G.GortonandA.Winton4.9.Contagion5165.Bankregulation,depositinsurance,capitalrequirements5185.1.Theoriginsofgovernmentbankregulationandgovernmentdepositinsurance5195.

6、2.Depositinsuranceandmoralhazard5205.3.Corporategovernanceinbanksandthemoralhazardargument5265.4.Bankcapitalrequirements5295.5.Otherissues5326.Conclusion532References534AbstractThesavings/investmentprocessincapitalisteconomiesisorganizedaroundbank-likefinancialintermediaries(“banks”),makingthemacent

7、ralinstitutionofeconomicgrowth.Theseintermediariesborrowfromconsumer/saversandlendtocompaniesthatneedresourcesforinvestment.Incontrast,incapitalmarketsinvestorscontractdirectlywithfirms,creatingmarketablesec