Financial Architecture and Financial Stability

IF 5 3区 经济学 Q1 BUSINESS, FINANCE Annual Review of Financial Economics Pub Date : 2021-11-01 DOI:10.1146/annurev-financial-110217-022851
Franklin Allen,Ansgar Walther
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Abstract

This article studies the links between financial stability and the architecture of financial systems. We review the existing literature and provide organizing frameworks for analyzing three empirically important aspects of financial architecture: the rise of nonbank financial intermediaries, the regulatory response to these structural changes, and the emergence of complex interbank networks. One of our main new results is a necessary and sufficient condition for whether nonbank intermediaries are immune to runs in an extended version of the Diamond–Dybvig model.
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金融架构与金融稳定
本文研究了金融稳定与金融体系结构之间的联系。我们回顾了现有的文献,并提供了组织框架来分析金融架构的三个经验重要方面:非银行金融中介机构的兴起,对这些结构变化的监管反应,以及复杂银行间网络的出现。我们的主要新结果之一是在Diamond-Dybvig模型的扩展版本中,非银行中介机构是否对挤兑免疫的充分必要条件。
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来源期刊
CiteScore
5.00
自引率
0.00%
发文量
26
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