Financial Intermediation and Equity Investment with Costly Monitoring

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Giorgio, Giorgio di. Financial Intermediation and Equity Investment with Costly Monitoring. 2005
http://hdl.handle.net/10230/517

To cite or link this document: http://hdl.handle.net/10230/517

Title:	Financial Intermediation and Equity Investment with Costly Monitoring
Author:	Giorgio, Giorgio di
Other authors:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	This paper studies the efficiency of equilibria in a productive OLG economy where the process of financial intermediation is characterized by costly state verification. Both competitive equilibria and Constrained Pareto Optimal allocations are characterized. It is shown that market outcomes can be socially inefficient, even when a weaker notion than Pareto optimality is considered.
Document type:	Working paper
Date:	2005
Rights:	Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)