Academic Journal
Kleistvilla Workshop in Potsdam, German Economic Association Meeting in Bayreuth. In particular we
| العنوان: | Kleistvilla Workshop in Potsdam, German Economic Association Meeting in Bayreuth. In particular we |
|---|---|
| المؤلفون: | Falko Fecht, Deutsche Bundesbank, Hans Peter Grüner, Thank Sylvain Champonnois, Diemo Dietrich, Phil Dybvig, Heinz Herrmann, Yaron Leitner, Uwe Vollmer, Julia Von Borstel |
| المساهمون: | The Pennsylvania State University CiteSeerX Archives |
| المصدر: | http://www.riksbank.se/upload/dokument_riksbank/kat_foa/fecht.pdf. |
| سنة النشر: | 2007 |
| المجموعة: | CiteSeerX |
| مصطلحات موضوعية: | Interbank Market, Risk Sharing, Financial Contagion, Financial Inte |
| الوصف: | Recent empirical studies criticize the sluggish financial integration in the euro area and find that only interbank money markets are fully integrated so far. This paper studies the optimal institutional structure of cross-regional financial integra-tion. First, this paper shows that any interbank market that implements a risk sharing of offsetting regional liquidity shocks must incur the risk of financial conta-gion. Banks only have an incentive to contribute ex-post to the liquidity insurance given a fear of financial contagion. Thus only unsecured but not secured interbank deposits can allow for an insurance against idiosyncratic liquidity shocks. Conse-quently, the optimal interbank arrangement has to balance the expected costs from financial contagion against the benefits from diversification. Second, we provide a measure for the efficiency loss that results if financial integration is limited to an integration of the interbank market and does not allow for multi-regional banks. |
| نوع الوثيقة: | text |
| وصف الملف: | application/pdf |
| اللغة: | English |
| Relation: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.501.4454; http://www.riksbank.se/upload/dokument_riksbank/kat_foa/fecht.pdf |
| الاتاحة: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.501.4454 http://www.riksbank.se/upload/dokument_riksbank/kat_foa/fecht.pdf |
| Rights: | Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
| رقم الانضمام: | edsbas.DE893AF0 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |