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Banking and trading
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Banking and trading/ prepared by Arnoud W.A. Boot and Lev Ratnovski. |
| 개인저자 | Boot, Arnoud W. A.(Willem Alexander), 1960-. Ratnovski, Lev, |
| 단체저자명 | International Monetary Fund. Research Department. |
| 발행사항 | [Washington, D.C.]: International Monetary Fund, ?012. |
| 형태사항 | 1 online resource (48 pages). |
| 총서사항 | IMF working paper;WP/12/238 |
| ISBN | 9781475512472 1475512473 |
| 일반주기 |
Title from PDF title page (IMF Web site, viewed Oct. 5, 2012).
"Research Department." "October 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank engages in trading, it can use its 'spare' capital to profitablity expand the scale of trading. However, there are two inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex-ante. And a bank may use trading for risk-shifting. Financial development augments the scalability of trading, which initially benefits conglomeration, but beyond some point inefficiencies dominate. The deepending of the financial markets in recent decades leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will persist for the foreseeable future. The analysis has implications for capital regulation, subsidiarization, and scope and scale restrictions in banking. |
| 일반주제명 | Banks and banking. Commerce. BUSINESS & ECONOMICS --Finance. Banks and banking. Commerce. |
| 언어 | 영어 |
| 바로가기 |  |
