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Corporate Finance (Financial Intermediaries (Theories of existence (Asset…
Corporate Finance
Financial Intermediaries
Theories of existence
Asset
(1) banks as delegated monitors,
(2) relationships
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Net worth and bal sheet
amplification
1/ Financial accelerator
(Bernanke/Gertler);
2/ Choice b/w bond vs
banks (Holmstrom Tirole)
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Monetary Pol Transmission
(1) Borrower net worth (collateral)
(2) Bank Lending (fewer loans)
(3) Risk taking/reach for yield
Shadow banking
(1) Gorton metrick - credit intermediation, safe asset creation
(2) Regulatory arbitrage - avoid cap and liquidity rules
(3) Behavioral view #
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Neoclassical (MM, Q-theory)
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