Competition vs. Stability : Oligopolistic Banking System with Run Risk / Damien Capelle.
This paper develops a model where large financial intermediaries subject to systemic runs internalize the effect of their leverage on aggregate risk, returns and asset prices. Near the steady-state, they restrict leverage to avoid the risk of a run which gives rise to an accelerator effect. For larg...
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| Online Access: |
Full Text (via IMF e-Library) |
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| Main Author: | |
| Format: | eBook |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2021.
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| Series: | IMF working paper ;
WP/2021/102. |
| Subjects: |