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Working Paper, No. 2000-19, 2000
Financial-Intermediation Regime and Efficiency in a Boyd-Prescott Economy
We examine the relationship among a liberal nancial-market regime, asset-by-asset supervisory assessment of intermediaries' portfolios, and economic efficiency. We show that, in Boyd and Prescott's (JET 1986) model of nancial intermediary coalitions, asset-by-asset supervisory assessment in a liberal regime is ineÆcient for some, but not all, parameters of the economy.


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