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Financial intermediation and the creation of macroeconomic risks

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We examine financial intermediation when banks can offer deposit or loan contracts contingent on macroeconomic shocks. We show that the risk allocation is efficient if there is no workout of banking crises. In this case, banks will shift part of the risk to depositors. In contrast, under a workout o...

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Bibliographic Details
Main Author: Gersbach, Hans (Author)
Format: Book/Monograph Working Paper
Language:English
Published: München CESifo 2002
Series:CESifo Working Paper Category 6: Monetary Policy and International Finance 695
In: CESifo working papers (695)

Subjects:
Arbeitspapier
Graue Literatur
Kreditrisiko
Bankenaufsicht
Bankenkrise
Finanzintermediäre
Online Access:Resolving-System, Volltext: http://hdl.handle.net/10419/76099
Verlag, Volltext: http://www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=14560462
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Author Notes:Hans Gersbach

MARC

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520 |a We examine financial intermediation when banks can offer deposit or loan contracts contingent on macroeconomic shocks. We show that the risk allocation is efficient if there is no workout of banking crises. In this case, banks will shift part of the risk to depositors. In contrast, under a workout of banking crises, depositors receive non-contingent contracts with high interest rates while entrepreneurs obtain loan contracts that demand a high repayment in good times and little in bad times. As a result, the present generation overinvests and banks create large macroeconomic risks for future generations, even if the underlying risk is small or zero. This provides a new justification for capital requirements. 
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