Bank Capital and Cost of Credit Intermediation
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This study characterizes the optimal financial contract where there exist costly state verification frictions both in the lender-intermediary and in the intermediary-borrower relationships. With these “dual” frictions being present, coexistence of deposits and loans, both as risky debt contracts, can be shown to be an optimal financial arrangement. The comparative statics reveal that both borrowers' and intermediaries' net worth are inversely related to the external finance premium.
Abstract
This study characterizes the optimal financial contract where there exist costly state verification frictions both in the lender-intermediary and in the intermediary-borrower relationships. With these “dual” frictions being present, coexistence of deposits and loans, both as risky debt contracts, can be shown to be an optimal financial arrangement. The comparative statics reveal that both borrowers' and intermediaries' net worth are inversely related to the external finance premium.
참고문헌 (8)
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