par Aghion, Philippe;Bolton, Patrick ;Dewatripont, Mathias
Référence European economic review, 44, 4-6, page (713-718)
Publication Publié, 2000-05
Article révisé par les pairs
Résumé : This paper develops a model of an unregulated banking system based around a private clearing house arrangement. Whilst such a system may dominate one with a public safety net in reducing moral hazard in lending and therefore the scope for individual bank insolvency, it also increases the likelihood of contagious bank failures following a systemic shock or an aggregate liquidity shortage. (C) 2000 Elsevier Science B.V. All rights reserved.

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