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Macroeconomic Evolution after a Production Shock: the Role for Financial Intermediation

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  • Dmitri V. Vinogradov

    ()
    (Universität Heidelberg, Alfred-Weber-Institut für Wirtschaftswissenschaften
    Universität Heidelberg, Alfred-Weber-Institut für Wirtschaftswissenschaften)

Abstract

Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and bank-based financial systems in processing the shock. Unregulated banking system may collapse in absence of a proper regulation. The paper studies several types of regulatory interventions, which may improve the performance of the banking system.

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File URL: http://www.uni-heidelberg.de/md/awi/forschung/dp430.pdf
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Bibliographic Info

Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0430.

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Length: 36 pages
Date of creation: Aug 2006
Date of revision: Aug 2006
Handle: RePEc:awi:wpaper:0430

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Related research

Keywords: Financial intermediation; overlapping generations; general equilibrium; intertemporal smoothing;

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Cited by:
  1. Mavrotas, George & Vinogradov, Dmitri, 2007. "Financial sector structure and financial crisis burden," Journal of Financial Stability, Elsevier, vol. 3(4), pages 295-323, December.

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