Search Results - subject_exact:"Financial intermediation"

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Demand-based asset pricing in general equilibrium

Abadi, Joseph - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609903

Investing in the shadows : FinTech browth and mortgage market dynamics

Li, Wenli; Zhou, Xiaoqing - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015606679

From threat to opportunity : digital infrastructure and bank adaptation to cryptocurrency cycles-global evidence

Martens, Wil - 2026

As cryptocurrencies evolve from niche assets to systemic financial components, the banking sector faces a strategic dilemma: displacement or adaptation. Using 27,510 bank-year observations from 2014 to 2023 across thirty-two economies, predominantly within the European banking sector, this study...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628489

Complementarities between loan sales and standby letters of credit : a theoretical model

Gargalas, Vassilios N.; Corzo, Mario G. - 2026

In their traditional function, commercial banks engage in recourse loan sales while evaluating clients' creditworthiness and assuming risk. However, banks face regulatory constraints that prevent them from fully exploiting this activity. Loan sales with recourse are treated as deposits, and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639896

Bank to non-bank lending and the reallocation of credit

Li, Jian; Ma, Yiming; Mendicino, Caterina; Supera, Dominik - 2026

We analyze how bank lending to non-bank financial institutions (NBFIs) affects credit supply to the real economy. Using granular supervisory and loan-level data, we document rapid growth in bank lending to NBFIs relative to lending to non-financial firms. This growth is driven primarily by...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640931

Measuring interregional fund flows in a dollarized economy : evidence from branch-level data of deposits and loans in Cambodia

Aiba, Daiju; You, Vithyea - 2026

Partial dollarization is a significant phenomenon in the banking sectors of many developing countries, yet evidence on its spread through bank branch networks remains scarce. This paper investigates interregional capital flows within Cambodia's banking system, characterized by the coexistence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637212

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Measuring interregional fund flows in a dollarized economy : evidence from branch-level data of deposits and loans in Cambodia

Aiba, Daiju; You, Vithyea - 2024

Book / Working Paper

Coexistence of banks and non-banks : intermediation functions and strategies

Cetorelli, Nicola; Cisternas, Gonzalo; Sarkar, Asani - 2025

What is the essence of non-bank financial intermediation? How does it emerge and interact with intermediation performed by banks? To investigate these questions, we develop a model-based survey: we classify existing models into different intermediation functions á la Merton (1995) to show that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015337604

Does distance still matter? : evidence from 30 years of mortgage lending

Hampole, Menaka V.; Jørring, Adam; Monteiro, Joao - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015326126

Bond versus banks financing in the climate transition : the role of stranded-asset risk

Beyene, Winta; Delēs, Manthos D.; Greiff, Kathrin de; … - 2025

What role does bond versus bank debt play in the climate transition? We document that fossil fuel firms with greater stranded-asset risk rely less on bond finance and more on bank credit. While bond investors price stranding risk, banks in the syndicated loan market do not. This differential...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015448567

Banking on payments?

Bibow, Jörg - 2025

For the past hundred years or more, payments have been primarily associated with banking, and banking as we know it today-being the result of many centuries of evolution-features a bundling of (at least) three main lines of business: lending, deposit-taking, and payment services. In the past 15...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015449402

Monetary policy with inelastic asset markets

Abadi, Joseph - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015407034

Monetary policy, bank leverage and systemic risk-taking

Aoki, Kōsuke; Martorell, Enric; Nikolov, Kalin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015407098

Banking crises under a central bank digital currency (CBDC)

Bitter, Lea - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015550060

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Banking crises under a central bank digital currency (CBDC)

Bitter, Lea - 2025

Article

Banking Crises under a Central Bank Digital Currency (CBDC)

Bitter, Lea - 2023

Book / Working Paper

Banking crises under a Central Bank Digital Currency (CBDC)

Bitter, Lea - 2023

Book / Working Paper

Banking Crises under a Central Bank Digital Currency (CBDC)

Bitter, Lea - 2020

Book / Working Paper

Banking crises under a Central Bank Digital Currency (CBDC)

Bitter, Lea - 2020

Book / Working Paper

Understanding households' bank bond holdings

Simion, Giorgia; Rigoni, Ugo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015457914

What do bank trading desks do?

Lu, Lina; Wallen, Jonathan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015553733

Public debt, oil rent, and financial development in mena countries : a fractional response model approach (FRM)

Alkhurayji, Mashael Fahad; Alhoshan, Hamed Mohammed - 2025

The rapid accumulation of public debt raises global concern over its implications for financial markets. This study examines the effect of domestic public debt on financial development in Middle East and North Africa (MENA) countries, a region marked by sharp heterogeneity in institutions, debt...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015475197

Contingent contracts in banking : insurance or risk magnification?

Gersbach, Hans - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015396806

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Contingent contracts in banking: Insurance or risk magnification?

Gersbach, Hans - 2018

Book / Working Paper

Contingent contracts in banking : insurance or risk magnification?

Gersbach, Hans - 2021

Book / Working Paper

Contingent contracts in banking : insurance or risk magnification?

Gersbach, Hans - 2018 - This version: November 2018

Edition: This version: November 2018

Book / Working Paper

Bank business model identification, evolution and outcomes : evidence for South Africa

Wilson, John O. S.; Nguyen, Linh; Sobiech, Anna; Kgari, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015401125

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Bank business model identification, evolution and outcomes : evidence for South Africa

Wilson, John O. S.; Nguyen, Linh; Sobiech, Anna; Kgari, … - 2024

Book / Working Paper

The effect of firm subsidies on credit markets

Kazakov, Aleksandr; Koetter, Michael; Titze, Mirko; … - 2024 - This version: 11.09.2024

We use project-level information for the largest regional economic development program in German history to study how government subsidies to firms affect credit markets. We identify credit market responses by considering both, bank lending and firm borrowing during 1998-2019. We find that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015062319

Dealer risk limits and currency returns

Barbiero, Omar; Bräuning, Falk; Joaquim, Gustavo; … - 2024 - This version: August 2024

We leverage supervisory microdata to uncover the role of global banks' risk limits in driving exchange rate dynamics. Consistent with a model of currency intermediation under risk constraints, shocks to dealers' risk limits lead to price and quantity adjustments in the foreign exchange market....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015069669

A map of the euro area financial system

Andersen, Isabel; Sánchez Serrano, Antonio - 2024

We present a methodology based on quarterly sectoral accounts to build a map of the euro area financial system. The map can be used to visualise existing cross-sectoral interconnections and exposures, to analyse how the main bilateral positions have evolved over time, and to understand how past...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015071038

The role of platform stakes in equity crowdfunding success

Johan, Sofia; Reardon, Robert S. - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015080345

An intermediation-based model of exchange rates

Malamud, Semyon; Schrimpf, Andreas; Zhang, Yuan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015458819

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An intermediation-based model of exchange rates

Malamud, Semyon; Schrimpf, Andreas; Zhang, Yuan - 2024 - This version: January 9, 2024

Edition: This version: January 9, 2024

Book / Working Paper

An intermediation-based model of exchange rates

Malamud, Semyon; Schrimpf, Andreas - 2018 - This version: June 5, 2018

Edition: This version: June 5, 2018

Book / Working Paper

An intermediation-based model of exchange rates

Malamud, Semyon; Schrimpf, Andreas - 2018 - This version: September 13, 2018

Edition: This version: September 13, 2018

Book / Working Paper

An intermediation-based model of exchange rates

Malamud, Semyon; Schrimpf, Andreas - 2018

Book / Working Paper

An Intermediation-Based Model of Exchange Rates

Malamud, Semyon - 2018

Book / Working Paper

An intermediation-based model of exchange rates

Malamud, Semyon; Schrimpf, Andreas - 2018

Book / Working Paper

Central bank digital currency : when price and bank stability collide

Fernández-Villaverde, Jesús; Schilling, Linda; Uhlig, … - 2024

This paper shows the existence of a central bank trilemma. When a central bank is involved in financial intermediation, either directly through a central bank digital currency (CBDC) or indirectly through other policy instruments, it can only achieve at most two of three objectives: a socially...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014484337

Information and market power in DeFi intermediation

Azar, Pablo; Casillas, Adrian; Farboodi, Maryam - 2024

The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014532096

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Information and Market Power in DeFi Intermediation

Azar, Pablo D.; Casillas, Adrian; Farboodi, Maryam - 2024

Book / Working Paper

On the solution of games with arbitrary payoffs : an application to an over-the-counter financial market

Kollias, Iraklis; Leventides, John; Papavassiliou, … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014533366

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On the solution of games with arbitrary payoffs : an application to an over-the- counter financial market

Kollias, Iraklis; Leventides, John; Papavassiliou, … - 2023

Book / Working Paper

Climate transition risk and the role of bank capital requirements

García-Villegas, Salomón; Martorell, Enric - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014549081

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Climate transition risk and the role of bank capital requirements

García-Villegas, Salomón; Martorell, Enric - 2024

Book / Working Paper

Financial intermediation versus direct financing : a meta-analytic comparison of the growth-enhancing effect

Iwasaki, Ichirō; Ono, Shigeki - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014507023

FX dealer constraints and external imbalances

Boer, Jantke de; Eichler, Stefan - 2024

We empirically test Gabaix and Maggiori (2015)’s prediction that currencies are repriced by the country’s external capital dependence when financial constraints of FX intermediaries change. Using solvency indicators, we develop a novel intermediary constraints index capturing riskbearing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015211360

Risk appetite and hedging strategies : the impact of age cohorts in financial markets

Aravind M; Manojkrishnan, C. G. - 2024

The financial instruments are subject to market risk, and the degree of risk may differ. Numerous demographic and behavioral factors determine the willingness of retail investors to face market risk. This work examines the direct effect of investors' risk appetite on their risk mitigation...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015359239

Repo market networks : dynamics under financial stress

Schöller, Vanessa - 2026

The smooth functioning of the repo market is essential to financial stability. However, the market has faced repeated episodes of stress in recent years. This paper examines the resilience of the euro-denominated repo market during recent episodes of elevated financial stress, drawing on...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618106

Transformed Intermediation : Credit Risk to NBFIs, Liquidity Risk to Banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593753

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Transformed intermediation : credit risk to NBFIs, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

Book / Working Paper

Transformed intermediation : credit risk to nbfis, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

Book / Working Paper

Bond funds' risk taking and monetary policy

Anyphantakē, Sophia; Giannakidis, Haris; … - 2026

Using granular security-level data from bond funds domiciled in the US and the euro area, we identify a market-based risk-taking channel of monetary policy transmission via the credit-risk and the maturity structure of bond funds' portfolios. We measure credit risk at the fund level as the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610151

Synthetic risk transfers

2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611480

Taste-based Investing, Government Policies and Competition in Financial Intermediation

Capelle, Damien - 2026

This paper develops a theory of how investors’ tastes are transmitted to aggregate investment through the market structure of financial intermediation. Whether tastes affect equilibrium capital allocation depends on where they originate—from households or from intermediaries—and on the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612651

Stablecoin disintermediation

Lee, Michael Junho; Tou, Donny - 2026

We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking onchain transactions to wholesale interbank payments, we document the first evidence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614724

Heterogeneous effects of monetary policy surprises on bond fund flows

Blanco, Sébastien; Koomen, Miriam; Yeşin, Pınar - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615519

Disentangling the "shadow banking" metaphor

Labat Moles, Héctor - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604801

Building resilience through disaster risk management in intermediary cities

2026

Natural disasters and extreme weather events are increasing in frequency and intensity globally. Local governments, including intermediary cities, are on the frontline of disaster risk management. Increasing their resilience is critical to protect lives and support economic development. This is...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015629704

From technological revolution to digital transformation in non-banking financial companies : A future research direction

Singh, Vaivaw Kumar; Shaikh, Zakir Hossen; Sinha, Kunal; … - 2026

Digital transformation implies the infusion of digital technologies into all processes at non-banking financial companies (NBFCs) to make operations effective and to improve customer experience. In this context, advanced technologies in artificial intelligence (AI), machine learning (ML),...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639585

The euro-area repo market : structure, participants and interlinkages

Caverni, Lorenzo; De Nicola, Annalisa; Persico, Mattia - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641914

Macro-financial blind spots in emerging markets : non-bank intermediation, funding liquidity, and the persistence of global shock transmission

Pessoa, Gustavo Henrique Rodrigues; Rochman, Ricardo R. - 2026

Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19 market turmoil, and recent monetary...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643130

Leverage, engagement, and welfare in decentralised financial markets

Guo, Yang - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015657384

When digital meets traditional financial intermediaries : how equity crowdfunding shapes venture capital value added

Alam, Samia; Butticè, Vincenzo - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015650447

Bank regulation and the rise of nonbank intermediation

Brunetti, Celso; Frei, Christoph - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653205

Determinants of the cost of financial intermediation : evidence from emerging economies

Rahman, Mohammed Mizanur; Mahfuzur Rahman; Masud, Md. … - 2023

This study examines the determinants of financial intermediation costs of banks in ten Emerging Economies (EEs) in the period 2000-2018 using panel data of 1335 banks. Empirically, this study applies the single-stage dealership model and its extensions by introducing new bank and country-level...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013545877