Why do financial systems differ? History matters

• 成果类型: Article
• 署名作者: Monnet, Cyril; Quintin, Erwan
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Dallas
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2006.03.003
• 发表日期: 2007
• 页码: 1002-1017
• 关键词: financial systems; financial markets; Financial institutions; banks; CONVERGENCE

摘要

We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emphasize bank lending are more likely to continue doing so in the future, all else equal. (C) 2006 Elsevier B.V. All rights reserved.