LEADER 01758nam a22003257i 4500001    99125378753706421
005    20210707192012.0
006    m#####o##d########
007    cr#mn######a#a
008    020129s2021    dcu     o    i00  0 eng d
020     |c18.00 USD
020     |z9781513582313
024 7  10.5089/9781513582313.001 |2doi
035     |9(IMF)WPIEA2021102
040    DcWaIMF |beng
099    Electronic Resource
100 1  Capelle, Damien, |eauthor.
245 10 Competition vs. Stability : |bOligopolistic Banking System with Run Risk / |cDamien Capelle.
264  1 Washington, D.C. : |bInternational Monetary Fund, |c2021.
300    1 online resource (74 pages)
336    text |btxt |2rdacontent
337    computer |bc |2rdamedia
338    online resource |bcr |2rdacarrier
490 1  IMF Working Papers
520 3  This paper develops a model where large financial intermediaries subject to systemic runs internalize the effect of their leverage on aggregate risk, returns and asset prices. Near the steady-state, they restrict leverage to avoid the risk of a run which gives rise to an accelerator effect. For large adverse shocks, the system enters a zone with high leverage and possibly runs. The length of time the system remains in this zone depends on the degree of concentration through a franchise value, price-drop and recapitalization channels. The speed of entry of new banks after a collapse has a stabilizing effect.
588    Description based on print version record.
650  7 Foreign Exchange |2imf
650  7 Informal Economy |2imf
650  7 Underground Econom |2imf
830  0 IMF Working Papers; Working Paper ; |vNo. 2021/102