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Banks increase welfare

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorSamartín, Margarita
dc.date.accessioned2011-12-14T11:51:27Z
dc.date.available2011-12-14T11:51:27Z
dc.date.issued2001-12
dc.description.abstractThis paper examines the relative degrees of risk sharing provided by demand deposit contracts and equity contracts. It is shown that in a framework in which individuals have smooth preferences and there exists some type of aggregate uncertainty (interest rate risk), the allocations obtained with a financial intermediary allow in general for greater risk sharing than those achieved in an equity economy. However, the interest rate is essential in order to determine the superiority of demand deposit contracts over equity contracts. The results of the paper contradict the ones obtained by Jacklin [1987] and Hellwig [1994], where demand deposit and equity contracts are always equivalent risk sharing instruments.
dc.description.statusPublicado
dc.format.mimetypetext/plain
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationFinancial Markets, Institutions & Instruments, diciembre 2001, Vol. 10, No 5, p. 203-233
dc.identifier.doi10.1111/1468-0416.00045
dc.identifier.issn0963-8008
dc.identifier.publicationfirstpage203
dc.identifier.publicationissue5
dc.identifier.publicationlastpage233
dc.identifier.publicationtitleFinancial Markets, Institutions & Instruments
dc.identifier.publicationvolume10
dc.identifier.urihttps://hdl.handle.net/10016/7603
dc.language.isoeng
dc.publisherWiley-Blackwell
dc.relation.publisherversionhttp://dx.doi.org/10.1111/1468-0416.00045
dc.rights©Wiley-Blackwell
dc.rights.accessRightsopen access
dc.subject.ecienciaEmpresa
dc.titleBanks increase welfare
dc.typeresearch article*
dc.type.reviewPeerReviewed
dspace.entity.typePublication
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