FINANCIAL INTERMEDIATION AND FINANCIAL INNOVATION IN A CHARACTERISTICS FRAMEWORK
作者:
David Blake,
期刊:
Scottish Journal of Political Economy
(WILEY Available online 1996)
卷期:
Volume 43,
issue 1
页码: 16-31
ISSN:0036-9292
年代: 1996
DOI:10.1111/j.1467-9485.1996.tb00836.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis paper shows that the characteristics model provides a unifying framework for analysing both financial intermediation and the process of financial innovation. The role of the financial intermediary is to buy‐in the primary liabilities of the firm, unbundle and repackage the characteristics contained in them and issue a set of ultimate assets to households. Assets exist because the balance between the supply of and demand for asset characteristics indicates an interior equilibrium. Financial innovations arise whenever changes in supply and demand induce movements from a corner solution to the interior. A number of existing explanations of financial innovation can be expressed using this framewor
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