05523oam 22013694 450 991111030510332120251116163604.0978661284320497814623688911462368891978145278538714527853849781451872521145187252697812828432021282843206(CKB)3170000000055261(EBL)1608284(SSID)ssj0000940810(PQKBManifestationID)11528535(PQKBTitleCode)TC0000940810(PQKBWorkID)10955754(PQKB)10049287(OCoLC)645463594(IMF)WPIEE2009105(MiAaPQ)EBC1608284(IMF)WPIEA2009105WPIEA2009105(EXLCZ)99317000000005526120020129d2009 uf 0engurcn|||||||||txtccrFinancial Intermediation, Competition, and Risk : A General Equilibrium Exposition /Gianni De Nicolo, Marcella Lucchetta1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (31 p.)IMF Working PapersDescription based upon print version of record.9781451916829 1451916825 Includes bibliographical references.Table of Contents; I. Introduction; II. The Basic Model; A. Time, Endowments and Preferences; B. Technologies; C. Contracts and Information; III. Equilibrium with Banks and Depositors; A. Moral Hazard; B. No Moral Hazard; IV. Optimality and Intermediary Rents; V. Equilibrium with Firms, Intermediaries and Depositors; A. The Extended Model; B. Perfectly Correlated Projects; C. Independent Projects; VI. Conclusion; Appendix; ReferencesWe study a simple general equilibrium model in which investment in a risky technology is subject to moral hazard and banks can extract market power rents. We show that more bank competition results in lower economy-wide risk, lower bank capital ratios, more efficient production plans and Pareto-ranked real allocations. Perfect competition supports a second best allocation and optimal levels of bank risk and capitalization. These results are at variance with those obtained by a large literature that has studied a similar environment in partial equilibrium. Importantly, they are empirically relevant, and demonstrate the need of general equilibrium modeling to design financial policies aimed at attaining socially optimal levels of systemic risk in the economy.IMF Working Papers; Working Paper ;No. 2009/105Intermediation (Finance)CompetitionBankingimfBanks and BankingimfBanks and bankingimfBanksimfCompetitionimfComputable and Other Applied General Equilibrium ModelsimfDepository InstitutionsimfEconometric modelsimfEconometrics & economic statisticsimfEconometricsimfFinanceimfFinance: GeneralimfFinancial risk managementimfGeneral equilibrium modelsimfGeneral Financial Markets: General (includes Measurement and Data)imfGeneral Financial Markets: Government Policy and RegulationimfIncome economicsimfLabor DemandimfLaborimfLabourimfMicro Finance InstitutionsimfMoral hazardimfMortgagesimfSelf-employedimfSelf-employmentimfEconometric analysisimfFinancial marketsimfFinancial sector policy and analysisimfFinancial servicesimfIntermediation (Finance)Competition.BankingBanks and BankingBanks and bankingBanksCompetitionComputable and Other Applied General Equilibrium ModelsDepository InstitutionsEconometric modelsEconometrics & economic statisticsEconometricsFinanceFinance: GeneralFinancial risk managementGeneral equilibrium modelsGeneral Financial Markets: General (includes Measurement and Data)General Financial Markets: Government Policy and RegulationIncome economicsLabor DemandLaborLabourMicro Finance InstitutionsMoral hazardMortgagesSelf-employedSelf-employmentEconometric analysisFinancial marketsFinancial sector policy and analysisFinancial services332.152De Nicoló Gianni375199Lucchetta Marcella1955680DcWaIMFBOOK9911110305103321Financial Intermediation, Competition, and Risk4715082UNINA