Shadow Banking and Market Discipline on Traditional Banks

Shadow Banking and Market Discipline on Traditional Banks
We present a model in which shadow banking arises endogenously and undermines market discipline on traditional banks. Depositors' ability to re-optimize in response to crises imposes market discipline on traditional banks: these banks optimally commit to a safe portfolio strategy to prevent early withdrawals. With costly... READ MORE...

Publication date: December 2017
ISBN 9781484335376
$18.00

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