Financial Intermediation, Competition, and Risk : A General Equilibrium Exposition

A General Equilibrium Exposition

Financial Intermediation, Competition, and Risk : A General Equilibrium Exposition
We study a simple general equilibrium model in which investment in a risky technology is subject to moral hazard and banks can extract market power rents. We show that more bank competition results in lower economy-wide risk, lower bank capital ratios, more efficient production plans and Pareto-ranked real allocations. Perfect competition... READ MORE...

Publication date: May 2009
ISBN 9781451872521
$18.00

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