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- W1596422960 abstract "We examine financial intermediation when banks can offer deposit or loan contracts contingent on macroeconomic shocks. We show that the risk allocation is efficient if there is no workout of banking crises. In this case, banks will shift part of the risk to depositors. In contrast, under a workout of banking crises, depositors receive non-contingent contracts with high interest rates while entrepreneurs obtain loan contracts that demand a high repayment in good times and little in bad times. As a result, the present generation overinvests and banks create large macroeconomic risks for future generations, even if the underlying risk is small or zero. This provides a new justification for capital requirements." @default.
- W1596422960 created "2016-06-24" @default.
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- W1596422960 date "2002-01-01" @default.
- W1596422960 modified "2023-10-04" @default.
- W1596422960 title "Financial Intermediation and the Creation of Macroeconomic Risks" @default.
- W1596422960 doi "https://doi.org/10.2139/ssrn.310547" @default.
- W1596422960 hasPublicationYear "2002" @default.
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