{"title":"Financial-intermediation regime and efficiency in a Boyd-Prescott economy","authors":"Yeong-Yuh Chiang, Edward J. Green","doi":"10.1016/S0167-2231(01)00043-4","DOIUrl":null,"url":null,"abstract":"<div><p>We examine the relationship among a liberal financial-market regime, asset-by-asset supervisory assessment of intermediaries' portfolios, and economic efficiency. We show that, in Boyd and Prescott's (<em>JET 1986</em>) model of financial intermediary coalitions, asset-by-asset supervisory assessment in a liberal regime is inefficient for some, but not all, parameters of the economy.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"54 1","pages":"Pages 117-129"},"PeriodicalIF":0.0000,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(01)00043-4","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Carnegie-Rochester Conference Series on Public Policy","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0167223101000434","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
We examine the relationship among a liberal financial-market regime, asset-by-asset supervisory assessment of intermediaries' portfolios, and economic efficiency. We show that, in Boyd and Prescott's (JET 1986) model of financial intermediary coalitions, asset-by-asset supervisory assessment in a liberal regime is inefficient for some, but not all, parameters of the economy.
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