The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Financial System Architecture
Abstract
This article builds a theory of financial system architecture. We ask: what is a financial market, what is a bank, and what determines the economic role of each? Starting with basic assumptions about primitives—the types of agents and the nature of informational asymmetries—we provide a theory that explains which agents coalesce to form banks and which trade in the capital market. It is shown that borrowers of higher observable qualities access the financial market. Moreover, a financial system in its infancy will be bank-dominated, and increased financial market sophistication diminishes bank lending.
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Citations
Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Market Liquidity and Performance Monitoring
Holmström, B., & Tirole, J. (1993) · Journal of Political Economy · doi:10.1086/261893 · Cited by 1,719
Some evidence on the uniqueness of bank loans
James, C. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90003-1 · Cited by 1,610
Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results
Boot, A. W. A., Thakor, A. V., & Udell, G. F. (1991) · The Economic Journal · doi:10.2307/2233552 · Cited by 512
Self-citationDebt covenants and renegotiation
Berlin, M., & Mester, L. J. (1992) · Journal of Financial Intermediation · doi:10.1016/1042-9573(92)90005-x · Cited by 393
Cited by
Chapter 12 Finance and Growth: Theory and Evidence
Levine, R. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01012-9 · Cited by 2,889
FinTech and banking: What do we know?
Thakor, A. V. (2020) · Journal of Financial Intermediation · doi:10.1016/j.jfi.2019.100833 · Cited by 1,378
Self-citationNational culture and financial systems
Kwok, C. C. Y., & Tadesse, S. (2006) · Journal of International Business Studies · doi:10.1057/palgrave.jibs.8400188 · Cited by 550
Financial Structure and Economic Growth
(2001) · The MIT Press eBooks · doi:10.7551/mitpress/3001.001.0001 · Cited by 544
The long-run determinants of inequality: What can we learn from top income data?
Roine, J., Vlachos, J., & Waldenström, D. (2009) · Journal of Public Economics · doi:10.1016/j.jpubeco.2009.04.003 · Cited by 438
Metadata
- Authors
- Boot, A. W. A., & Thakor, A. V.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1997-07
- Volume
- 10
- Issue
- 3
- Pages
- 693-733
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2169508410
- Cited by
- 604
- References
- 6
- FWCI
- 30.67
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
