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Microeconomics of Banking (第二版 2008)最新版
Xavier Freixas and Jean-Charles Rochet
The MIT Press
Cambridge, Massachusetts
London, England
1 Introduction 1
1.1 What Is a Bank, and What Do Banks Do? 1
1.2 Liquidity and Payment Services 2
1.2.1 Money Changing 3
1.2.2 Payment Services 4
1.3 Transforming Assets 4
1.4 Managing Risks 5
1.4.1 Credit Risk 5
1.4.2 Interest Rate and Liquidity Risks 5
1.4.3 O¤-Balance-Sheet Operations 6
1.5 Monitoring and Information Processing 6
1.6 The Role of Banks in the Resource Allocation Process 7
1.7 Banking in the Arrow-Debreu Model 7
1.7.1 The Consumer 8
1.7.2 The Firm 9
1.7.3 The Bank 9
1.7.4 General Equilibrium 9
1.8 Outline of the Book 10
2 The Role of Financial Intermediaries 15
2.1 Transaction Costs 18
2.1.1 Economies of Scope 18
2.1.2 Economies of Scale 19
2.2 Coalitions of Depositors and Liquidity Insurance 20
2.2.1 The Model 20
2.2.2 Characteristics of the Optimal Allocation 21
2.2.3 Autarky 21
2.2.4 Market Economy 22
2.2.5 Financial Intermediation 23
2.3 Coalitions of Borrowers and the Cost of Capital 24
2.3.1 A Simple Model of Capital Markets with Adverse
Selection 25
2.3.2 Signaling through Self-Financing and the Cost of Capital 26
2.3.3 Coalitions of Borrowers 28
2.3.4 Suggestions for Further Reading 28
2.4 Financial Intermediation as Delegated Monitoring 30
2.5 The Choice between Market Debt and Bank Debt 34
2.5.1 A Simple Model of the Credit Market with Moral
Hazard 34
2.5.2 Monitoring and Reputation 36
2.5.3 Monitoring and Capital 39
2.5.4 Financial Architecture 42
2.5.5 Credit Risk and Dilution Costs 43
2.6 Liquidity Provision to Firms 46
2.7 Suggestions for Further Reading 47
2.8 Problems 49
2.8.1 Strategic Entrepreneurs and Market Financing 49
2.8.2 Market versus Bank Finance 50
2.8.3 Economies of Scale in Information Production 50
2.8.4 Monitoring as a Public Good and Gresham’s Law 51
2.8.5 Intermediation and Search Costs 52
2.8.6 Intertemporal Insurance 53
2.9 Solutions 54
2.9.1 Strategic Entrepreneurs and Market Financing 54
2.9.2 Market versus Bank Finance 55
2.9.3 Economies of Scale in Information Production 57
2.9.4 Monitoring as a Public Good and Gresham’s Law 58
2.9.5 Intermediation and Search Costs 60
2.9.6 Intertemporal Insurance 62
3 The Industrial Organization Approach to Banking 69
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