دانلود مقاله ISI انگلیسی شماره 80498
ترجمه فارسی عنوان مقاله

ناکارآمدی چانه زنی های دو جانبه در بازار بین بانکی

عنوان انگلیسی
Inefficiency of bilateral bargaining in interbank markets
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80498 2004 13 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Economics & Finance, Volume 13, Issue 1, 2004, Pages 43–55

ترجمه کلمات کلیدی
سیستم بیش از حد ضد ؛ چانه زنی دو طرفه؛ بی کفایتی
کلمات کلیدی انگلیسی
E500; G100; G200Over-the-counter systems; Bilateral bargaining; Inefficiency
پیش نمایش مقاله
پیش نمایش مقاله  ناکارآمدی چانه زنی های دو جانبه در بازار بین بانکی

چکیده انگلیسی

Many countries have interbank markets that are over the counter (OTC) instead of exchange mediated. In OTC systems, bilateral bargaining takes place over the rate of interest on the (interbank) loan. This article characterizes such bilateral bargaining for loans between banks under asymmetric information and shows that bargaining outcomes maybe inefficient. The article suggests two sources of inefficiency. In a one-period model, bargaining between two banks may fail due to incomplete information even if gains to trade exist. Intertemporal issues examined in this article reveal that repeated interaction could create distorting effects through reciprocal contracts. Both cases are shown to require active liquidity management by the regulatory authority to restore the first best allocation.