演講者簡介 : Professor Wang received his Ph.D. from London School of Economics in 2009. He is currently a Lecturer at the University of Essex. His research interests include Contract Theory, Financial Economics, Microeconomics, Monetary Economics.
演講摘要 : The dominate approach to bank liquidity in economics, namely that of Diamond and Dybvig (1983, JPE), is founded on the assumption that when a depositor needs liquidity, such as immediate consumption, he has to withdraw from the bank. This naturally drives banks to offer demand deposit contracts and to hold liquid assets, and also equalizes a bank’s liquidity need to the aggregate liquidity needs of its depositors. However, we observe that in reality demand deposit is widely used as a means of payment and therefore depositors typically do not withdraw when they have liquidity needs. Based on this observation, we present a new approach to bank liquidity, specifically, a new economic rationale for banks’ offering demand depositor and a new examination of banks’ liquidity issue. Furthermore, we show how a policy of good bank – bad bank works to improve efficiency.
