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- W2007959208 abstract "Competition among banks promotes growth and stability for an economy with production externality. Following Arrow and Debreu (1954), I formulate a standard growth model with externality — a two-period version of Romer (1986) — as a game among consumers, firms, and intermediaries. The Walrasian equilibrium, with an auctioneer, does not achieve the social optimum. Without an auctioneer or intermediaries, I show that no Nash equilibrium exists. With several banks strategically intermediating capital, a Nash equilibrium emerges with a realistic institution, i.e., an interbank market with a negotiation process in the loan market.The equilibrium outcome is uniquely determined and socially optimal." @default.
- W2007959208 created "2016-06-24" @default.
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- W2007959208 date "2012-01-01" @default.
- W2007959208 modified "2023-10-03" @default.
- W2007959208 title "Banks as Coordinators of Economic Growth and Stability: Microfoundation for Macroeconomy with Externality" @default.
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- W2007959208 doi "https://doi.org/10.2139/ssrn.1542930" @default.
- W2007959208 hasPublicationYear "2012" @default.
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