Financial Architecture and Financial Stability

被引：5

作者：

Allen, Franklin ^{[1
]}

Walther, Ansgar ^{[1
]}

机构：

[1] Imperial Coll London, Business Sch, Finance Dept, London SW7 2AZ, England

来源：

ANNUAL REVIEW OF FINANCIAL ECONOMICS, VOL 13, 2021 | 2021年 / 13卷

关键词：

banks; non-bank intermediaries; financial crises; networks; contagion; regulation; SYSTEMIC RISK; BANK RUNS; SHADOW BANKING; REDEMPTION RISK; CONTAGION; MONEY; MARKET; PANICS; MODEL; INFORMATION;

D O I：

10.1146/annurev-financial-110217-022851

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article studies the links between financial stability and the architecture of financial systems. We review the existing literature and provide organizing frameworks for analyzing three empirically important aspects of financial architecture: the rise of nonbank financial intermediaries, the regulatory response to these structural changes, and the emergence of complex interbank networks. One of our main new results is a necessary and sufficient condition for whether nonbank intermediaries are immune to runs in an extended version of the Diamond-Dybvig model.

引用

页码：129 / 151

页数：23

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