Money, intermediation, and banking

• 成果类型: Article
• 署名作者: Andolfatto, David; Nosal, Ed
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; Simon Fraser University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.12.005
• 发表日期: 2009
• 页码: 289-294
• 关键词: money; intermediation; banking

摘要

The business of money creation is conceptually distinct from that of intermediation. Yet, these two activities are frequently-but not always-combined together in the form of a banking system. We develop a simple model to examine the question: When is banking essential? There is a role for money due to a lack of record-keeping and a role for intermediation due to the existence of private information: both money and intermediation are essential. When monitoring costs associated with intermediation are sufficiently low, the two activities can be separated from one another. However, when monitoring costs are sufficiently high, a banking system that combines these two activities is essential. (C) 2009 Elsevier B.V. All rights reserved.