English, Article, Journal or magazine article edition: Financial Intermediation, markets, and growth Falko Fecht; Kevin Huang

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Bookmark: http://trove.nla.gov.au/version/57256
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial Intermediation, markets, and growth
Author
  • Falko Fecht
  • Kevin Huang
Physical Description
  • preprint
Notes
  • This paper contributes to the literature comparing the relative performance of financial intermediaries and markets by studying an environment in which a trade-off between risk sharing and growth arises endogenously. Financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. Moreover, intermediaries invest less in the productive technology when they provide more risk-sharing. This creates a trade-off between risk-sharing and growth. We show the mix of intermediaries and market that maximizes welfare depend on parameter values
  • Financial intermediation, financial markets, risk-shring, growth
  • RePEc:red:sed004:464
Language
  • English
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