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- W2904343445 abstract "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" @default.
- W2904343445 created "2018-12-22" @default.
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- W2904343445 date "2004-01-01" @default.
- W2904343445 modified "2023-09-23" @default.
- W2904343445 title "Financial Intermediation, markets, and growth" @default.
- W2904343445 hasPublicationYear "2004" @default.
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