Universal banking, asymmetric information and the stock market

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• 作者：Sanjay Banerji^a ; ^{sanjay.banerji@nottingham.ac.uk} ; Parantap Basu^b ; ^{parantap.basu@durham.ac.uk}
• 关键词：Universal Banking ; Risk sharing ; Stock market discount ; Precautionary saving ; Ring-fencing
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：60
• 期：Complete
• 页码：180-193
• 全文大小：855 K
• 卷排序：60

文摘

Universal banks with superior information about projects could sell lemon stocks. This results in a stock market bust, precautionary savings and higher loan demand. Household borrowers fail to smooth consumption adequately and suffer welfare losses. A tax on banks can reduce the stock market discount and consumption volatility. Ring-fencing the banking industry entails first order welfare loss.