Uncertainty and Investment: The Financial Intermediary Balance Sheet Channel

Uncertainty and Investment: The Financial Intermediary Balance Sheet Channel
Rollover risk imposes market discipline on banks' risk-taking behavior but it can be sociallycostly. I present a two-sided model in which a bank simultaneously lends to a firm andborrows from the short-term funding market. When the bank is capital constrained,uncertainty in asset quality and rollover risk create a negative externality that... READ MORE...

Publication date: March 2015
ISBN 9781475593167
$18.00

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