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| Author: | Gersbach, H. Uhlig, H. |
| Title: | On the coexistence of banks and markets |
| Journal: | Scandinavian Journal of Economics
2007 : VOL. 109:2, p. 225-243 |
| Index terms: | financial intermediaries banks markets regulations moral hazard adverse selection debt |
| Language: | eng |
| Abstract: | This study explores the coexistence (hereafter as: coext.) of banks and financial markets (here as: fin-mkts.) by studying a credit market where investment projects' qualities are not observable and with no contractible enterpreneurs' investment decisions etc. The coext. of fin-mkts. and standard banks is socially inefficient. The same inefficiency may occur with the entrance of sophisticated banks, operating with rating and ongoing monitoring technologies. |
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