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Are Bank Capital Ratios too High or too Low? Incomplete Markets and Optimal Capital Structure

Author Info

Listed author(s):
  • Douglas Gale

    (New York University,)

  • Onur Özgür

    (New York University,)

Abstract

We study the effect of relative risk aversion on optimal capital structure in a general-equilibrium model of intermediation with incomplete markets. (JEL: D5, G2) Copyright (c) 2005 The European Economic Association.

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Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 3 (2005)
Issue (Month): 2-3 (04/05)
Pages: 690-700

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Handle: RePEc:tpr:jeurec:v:3:y:2005:i:2-3:p:690-700
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Keywords:

Find related papers by JEL classification:

  • D5 - Microeconomics - - General Equilibrium and Disequilibrium
  • G2 - Financial Economics - - Financial Institutions and Services

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Cited by:

  1. Gersbach, Hans & Haller, Hans & Müller, Jürg, 2015. "The macroeconomics of Modigliani–Miller," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1081-1113.
  2. Allen Berger & Robert DeYoung & Mark Flannery & David Lee & Özde Öztekin, 2008. "How Do Large Banking Organizations Manage Their Capital Ratios?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 34(2), pages 123-149, December.
  3. Wang, Tianxi, 2013. "A model of leverage based on risk sharing," Economics Letters, Elsevier, vol. 119(1), pages 97-100.
  4. John Harding & Xiaozhong Liang & Stephen Ross, 2013. "Bank Capital Requirements, Capital Structure and Regulation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(2), pages 127-148, April.
  5. Ambrocio, Gene & Jokivuolle, Esa, 2017. "Should bank capital requirements be less risk-sensitive because of credit constraints?," Research Discussion Papers 10/2017, Bank of Finland.
  6. Oren Levintal, 2012. "Equity Capital, Bankruptcy Risk and the Liquidity Trap," Working Papers 2012-07, Bar-Ilan University, Department of Economics.

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