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The Economics of financial Matching

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  • Eduardo Siandra

    ()
    (Departmento de Economía, Facultad de Ciencias Sociales, Universidad de la República)

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    Abstract

    In this paper we try to place the phenomenon of financial matching in the broader context of financial economics. We explore the conceptual links with collateral, leverage, role of capital in financial intermediaries and non-financial corporations, the risk-shifting between the financial and the non-financial sectors, and public policy implications. A broader research agenda is outlined. Although this is a far cry from a survey, we summarized two paradigms of financial economics which can buttress this endeavor. Finally, we prepared a small analytical example to analyze financial matching in a corporate governance setting.

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    File URL: http://decon.edu.uy/publica/2002/Doc1002.pdf
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    Bibliographic Info

    Paper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 1002.

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    Length: 16 pages
    Date of creation: Dec 2002
    Date of revision:
    Handle: RePEc:ude:wpaper:1002

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    1. Wolfgang Pesendorfer, 1991. "Financial Innovation in a General Equilibrium Model," UCLA Economics Working Papers 635, UCLA Department of Economics.
    2. Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
    3. Pradeep Dubey & John Geanakoplos & Martin Shubik, 2000. "Default in a General Equilibrium Model with Incomplete Markets," Cowles Foundation Discussion Papers 1247, Cowles Foundation for Research in Economics, Yale University.
    4. John Geanakoplos, 1996. "Promises Promises," Cowles Foundation Discussion Papers 1143, Cowles Foundation for Research in Economics, Yale University.
    5. Ricardo J. Caballero & Arvind Krishnamurthy, 2003. "Excessive Dollar Debt: Financial Development and Underinsurance," Journal of Finance, American Finance Association, vol. 58(2), pages 867-894, 04.
    6. Gorton, Gary & Winton, Andrew, 2003. "Financial intermediation," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 8, pages 431-552 Elsevier.
    7. Bengt Holmstrom & Jean Tirole, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," Working papers 95-1, Massachusetts Institute of Technology (MIT), Department of Economics.
    8. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
    9. Bengt Holmstrom & Jean Tirole, 2002. "Domestic and International Supply of Liquidity," American Economic Review, American Economic Association, vol. 92(2), pages 42-45, May.
    10. Bengt Holmstrom & Jean Tirole, 1998. "LAPM: A Liquidity Based Asset Pricing Model," Working papers 98-8, Massachusetts Institute of Technology (MIT), Department of Economics.
    11. George A. Akerlof & Paul M. Romer, 1993. "Looting: The Economic Underworld of Bankruptcy for Profit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 1-74.
    12. Luis Felipe Cespedes & Roberto Chang & Andres Velasco, 2002. "IS-LM-BP in the Pampas," NBER Working Papers 9337, National Bureau of Economic Research, Inc.
    13. Geanakoplos, John, 1990. "An introduction to general equilibrium with incomplete asset markets," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 1-38.
    14. Michael Magill & Martine Quinzii, 2002. "Theory of Incomplete Markets, Volume 1," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262632543, January.
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