{"title":"金融中介中浪费的“货币创造”方面","authors":"Maya Eden","doi":"10.2139/ssrn.2023514","DOIUrl":null,"url":null,"abstract":"I present a general equilibrium model in which the financial sector employs too many productive inputs. Intermediation is similar, in some ways, to the creation of counterfeit money: a producer can increase the amount of money in his hands at some real cost, but this is socially wasteful as it only translates into higher nominal prices. In this model, producers can increase their funding by borrowing from depositors, who would otherwise be holding idle monetary reserves. This costly activity increases the money in circulation and raises the equilibrium price level, without any real return. In the simplest case, financial intermediation is a purely wasteful use of resources. However, in the presence of heterogeneous producers, the superior borrowing ability of productive agents may improve the allocation of inputs. In a dynamic general equilibrium model with heterogeneous productivities and increasing intermediation costs, I show that tight regulation of the financial system is optimal.","PeriodicalId":369344,"journal":{"name":"American Finance Association Meetings (AFA)","volume":"641 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2012-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The Wasteful 'Money Creation' Aspect of Financial Intermediation\",\"authors\":\"Maya Eden\",\"doi\":\"10.2139/ssrn.2023514\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"I present a general equilibrium model in which the financial sector employs too many productive inputs. Intermediation is similar, in some ways, to the creation of counterfeit money: a producer can increase the amount of money in his hands at some real cost, but this is socially wasteful as it only translates into higher nominal prices. In this model, producers can increase their funding by borrowing from depositors, who would otherwise be holding idle monetary reserves. This costly activity increases the money in circulation and raises the equilibrium price level, without any real return. In the simplest case, financial intermediation is a purely wasteful use of resources. However, in the presence of heterogeneous producers, the superior borrowing ability of productive agents may improve the allocation of inputs. In a dynamic general equilibrium model with heterogeneous productivities and increasing intermediation costs, I show that tight regulation of the financial system is optimal.\",\"PeriodicalId\":369344,\"journal\":{\"name\":\"American Finance Association Meetings (AFA)\",\"volume\":\"641 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2012-03-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Finance Association Meetings (AFA)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2023514\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Finance Association Meetings (AFA)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2023514","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Wasteful 'Money Creation' Aspect of Financial Intermediation
I present a general equilibrium model in which the financial sector employs too many productive inputs. Intermediation is similar, in some ways, to the creation of counterfeit money: a producer can increase the amount of money in his hands at some real cost, but this is socially wasteful as it only translates into higher nominal prices. In this model, producers can increase their funding by borrowing from depositors, who would otherwise be holding idle monetary reserves. This costly activity increases the money in circulation and raises the equilibrium price level, without any real return. In the simplest case, financial intermediation is a purely wasteful use of resources. However, in the presence of heterogeneous producers, the superior borrowing ability of productive agents may improve the allocation of inputs. In a dynamic general equilibrium model with heterogeneous productivities and increasing intermediation costs, I show that tight regulation of the financial system is optimal.