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[null,"1.","Record Nr.",null,"UNINA9910461975003321"]
[null,null,"Autore",null,"Boot Arnoud W. A (Willem Alexander), <1960->"]
[null,null,"Titolo",null,"Banking and trading [[electronic resource] /] / Arnoud W. A. Boot and Lev Ratnovski"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C., : International Monetary Fund, c2012"]
[null,null,"ISBN",null,"1-4755-1248-1"]
[{"$nulls":4},"1-4755-1246-5"]
[null,null,"Descrizione fisica",null,"1 online resource (49 p.)"]
[null,null,"Collana",null,"IMF working paper ; ; WP/12/238"]
[null,null,"Soggetti",null,"Banks and banking"]
[{"$nulls":4},"Stocks"]
[{"$nulls":4},"Electronic books."]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Description based upon print version of record."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Cover; Contents; I. Introduction; II. Relationship to the Literature; III. Model; A. Approach; B. Credit Constraints; C. Banking; D. Trading; IV. Benefits of Conglomeration; V. Time Inconsistency of Capital Allocation; A. Setup: Long-term Banking; B. The Consequences of Time Inconsistency; C. Cost of Conglomeration under Time Inconsistency; VI. Trading as Risk-Shifting; A. Setup: Risky Trading; B. Risk-Shifting; C. The Interaction of Time Inconsistency and Risk Shifting; VII. Discussion; A. Front-loaded Income in Relationship Banking; B. External Equity and Internal Capital Allocation"]
[{"$nulls":4},"C. Policy Implications VIII. Conclusion; References; Figures; 1. The Timeline; 2. The Timeline with Time Inconsistency; 3. Relationship Banking Allocation R as a Function of Trading Opportunities; 4. The Volume of Banking (R) and Trading (T), and Profits (Π)under Conglomerated Banking; 5. The Volumes of Banking (R)and Trading (T), and Profits (Π) with Risk-shifting; 6. Time Inconsistency Arises due to a Higher Return to Trading under Risk-shifting (\"Effect 1\"); 7. Risk-shifting Arises due to a Higher Volume of Trading, Driven by Time Inconsistency (\"Effect 2\")"]
[null,null,null,"Sommario/riassunto","We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When "]
[{"$nulls":4},"a bank engages in trading, it can use its ?spare' capital to profitablity expand the sc"]