Studies in Intermediation and Financial Markets

中介和金融市场研究

• 批准号: 9122102
• 负责人: Douglas Gale
• 金额: --
• 依托单位: Trustees of Boston University
• 依托单位国家: 美国
• 项目类别: Continuing grant
• 财政年份: 1992
• 资助国家: 美国
• 起止时间: 1992-09-01 至 1995-02-28
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9122102&HistoricalAwards=false
• 关键词: Studies; Intermediation; Financial; Markets

This project has two parts. The first part is concerned with developing models for analyzing competition among financial intermediaries. The role of competition in the banking industry is of particular interest. In contrast to most other countries, the US has a long tradition of encouraging competition among a large number of banks. Banks have many special features which mean that standard economic analyses of competition cannot be directly applied. These special features include their role as information gathering and processing institutions and the fact that there are significant switching costs for customers. Models which take account of these features and allow their effect on competition to be analyzed will be developed. Four areas that the project will focus on are (i) competition and the costs of bank failure; (ii) branch networks and competition; (iii) price-setting competition; (iv) competition and risk-taking behavior by banks. In previous work, methods for the analysis of competitive markets with adverse selection were developed. Adapting ideas developed in the context of games with incomplete information, these techniques allow one to deal easily with situations that might be intractable in an extensive form game. In the second part of the proposal, these techniques will be extended to dynamic contests and to deal with moral hazard as well as adverse selection.

这个项目包括两个部分。第一部分是关于建立分析金融中介机构之间竞争的模型。银行业中竞争的作用尤其令人感兴趣。与大多数其他国家不同的是，美国有着鼓励大量银行竞争的悠久传统。银行有许多特殊之处，这意味着对竞争的标准经济学分析不能直接应用。这些特点包括它们作为信息收集和处理机构的角色，以及客户有巨大的转换成本这一事实。将开发考虑到这些特征并允许分析其对竞争的影响的模型。该项目将关注的四个领域是(I)竞争和银行倒闭的成本；(Ii)分行网络和竞争；(Iii)定价竞争；(Iv)银行的竞争和冒险行为。在以前的工作中，人们提出了分析具有逆向选择的竞争性市场的方法。这些技术采用了在不完全信息游戏背景下开发的想法，使人能够轻松地处理在广泛形式的游戏中可能难以处理的情况。在提案的第二部分，这些技术将扩展到动态竞争，并处理道德风险和逆向选择。