Shadow Banking (Ari et al.)

Shadow banking and market discipline on tradicional banks by Anil Ari, Matthieu Darracq-Paries, Christoffer Kok and Dawid Zochowski published by IMF (12/2017). “We present a model in which shadow banking arises endogenously and undermines market discipline on traditional banks. Depositors’ ability to re-optimize in response to crises imposes market discipline on traditional banks: these banks optimally commit to a safe portfolio strategy to prevent early withdrawals…”

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