政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/83092

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/83092

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政大典藏 > College of Commerce > Department of International Business > Theses > Item 140.119/83092

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/83092

Title:	金融中介與流動性－Diamond模型之延伸 Financial Intermediation and Liquidity -- an Extension of Diamond Model
Authors:	林炫志
Contributors:	江永裕林柏生林炫志
Keywords:	流動性金融中介銀行 liquidity financial intermediation bank
Date:	2000
Issue Date:	2016-03-30 18:07:40 (UTC+8)
Abstract:	投資人在獲取報酬之前，可能發現其它更為有利的投資機會、甚至在短期時發生消費需求，因而有臨時要求抽回資金的可能。投資人面對如此流動性風險（liquidity risk），金融資產與活期存款皆可扮演提供流動性（liquidity provision）的功能。部分文獻上質疑，當金融市場與銀行同時存在時，活期存款亦具有可交易性，則銀行提供流動性之功能如何。本文依循Diamond（1997）所提出金融市場有限參與率的觀念，考慮投資人在可交易性資產之外，尚可選擇將部分資金投資於不具有可交易性、但具有較高效率性的長期生產活動。當銀行並未存在時，投資人不僅無法達到跨期補助（cross-subsidization）性質的消費型態，甚至將發生效率性的損害。一旦銀行（a coalition）存在時，集中資金持有後將可代表投資人進行效率性的投資活動，再將短期與長期投資報酬以提領契約的方式配置予兩類型投資人，將可避免掉效率性的損失。且由於銀行選擇的長期投資方式是不具有可交易性的效率性長期生產活動，因此提領契約當中所約定的第2期求償權（date 2 claims）是不可交易的。於是乎，銀行確實可設計符合社會最適化條件的提領契約，使得其存款客戶達到社會最適化的消費機會集合。也因此，投資人願意將資金完全存放銀行，次級市場的資產交易活動不再存在。
Reference:	1. Diamond, Douglas W.（1997）“Liquidity, Banks, and Markets.” Journal of Political Economics 105（October）：928-956. 2. Diamond, Douglas W., and Dybvig, Phillip H.（1983）“Bank Runs, Deposits Insurance, and Liquidity.“ Journal of Political Economics 91（June）：401-419. 3. Haubrich, Joseph G., and King, Robert G.（1990）“Banking and Insurance.“Journal of Monetary Economics 26 （December）：361-386. 4. Hellwig, Martin.（1994）“Liquidity Provision, Banking, and the Allocation of Interest Rate Risk.” European Economics Review 38 （August）：1363-1389. 5. Jacklin, Charles J.（1987）“Demand Deposits, Trading Restriction, and Risk Sharing.” In Contractual Arrangements for Intertemporal Trade, edited by Edward C. Prescott and Neil Wallace. Minneapolis：Univ. Minnesota Press. 6. von Thadden, Ernst-Ludwig.（1997）“The Term Structure of Investment and the Banks’ Insurance Function.” European Economics Review 41, no 3.
Description:	碩士國立政治大學國際經營與貿易學系 87351006
Source URI:	http://thesis.lib.nccu.edu.tw/record/#A2002002052
Data Type:	thesis
Appears in Collections:	[Department of International Business] Theses

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