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Liquidity Creation through Banks and Markets: Multiple Insurance and Limited Market Access

Ernst-Ludwig von Thadden

Cahiers de Recherches Economiques du Département d'économie from Université de Lausanne, Faculté des HEC, Département d’économie

Abstract: The paper surveys theories of the intertemporal allocation of funds through demand deposits and anonymous markets, first separately and then in an integrated model. It reviews some work on the role of market frictions and asset characteristics, and suggests that the interplay between these two is crucial in explaining the observed coexistence of demand deposits and anonymous markets.

Keywords: banks; markets; liquidity; demand deposits; incentive compatibility (search for similar items in EconPapers)
JEL-codes: D50 G21 (search for similar items in EconPapers)
Pages: 18 pages
Date: 1998-11
New Economics Papers: this item is included in nep-fmk
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Published in European Economic Review, vol. 43, 1999, pp. 991-1006

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Persistent link: https://EconPapers.repec.org/RePEc:lau:crdeep:9820

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