The paper studies the impact of political intervention on a financial system that consists of banks and financial markets and develops over time. In this financial system, banks and markets exhibit three forms of interaction: they compete, they complement each other, and they co-evolve. Coevolution is generated by two new ingredients of financial system architecture relative to the existing theories: securitization and risk-sensitive bank capital...
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INFORMATION
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2013/01/01
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Document de travail de recherche sur les politiques
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WPS6350
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1
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1
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2013/01/01
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Disclosed
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Notes on financial system development and political intervention
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cost of equity capital
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