The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens
The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens
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从不完全契约的角度看商业银行的过去和未来
DOI：
10.2307/2601255
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
R. Rajan
中科院分区：
文献类型：
--
作者：
R. Rajan
商业银行是在合同非常不完整和产权不安全的时候出现的。它们通常提供活期存款，按需发放贷款，并受到监管。机构结构的这些方面对于帮助银行提供流动性和安全性的双重功能至关重要。作者认为，最近的银行理论，他统称为银行的“不完全契约”理论，很好地解释了银行的起源。作者还声称，他们可以解释银行业最近的变化;随着信息、法律的和产权环境的改善，银行传统制度结构的各个方面之间的协同作用似乎越来越少。在发达国家，现在是时候思考银行的制度形式是否有什么特别之处，或者是否所有的特别之处都在于它受到监管。
Commercial banks emerged at a time when contracts were very incomplete and property rights insecure. They typically offered demand deposits, made loans on demand, and were regulated. Each of these aspects of the institutional structure were essential in helping the bank provide the twin functions of liquidity and safety. The author argue that recent theories of banking, which he collectively refer to as 'Incomplete Contract' theories of banking, explain well the origins of banking. The authors also claim that they can explain recent changes in banking; as the informational, legal, and property rights environment has improved, there appear to be fewer synergies between various aspects of the traditional institutional structure of the bank. In developed countries, it is now time to think whether there is anything special about the institutional form of the bank, or whether all that is special is that it is regulated.