The Role of Demandable Debt in Structuring Optimal Banking Arrangements
解释银行为何使用活期债务，尽管它带来暂停、清算和持有闲置储备的成本。活期债务通过给存款人强制清算的选择权来吸引资金，并在银行家具有投资优势但可能损害存款人利益时提供激励相容的中介。
Demandable-debt finance by banks warrants explanation because it entails costs of bank suspension, liquidation, and idle reserve holdings. An explanation is developed in which demandable debt provides incentive-compatible intermediation where the banker has comparative advantage in allocating investment funds but may act against the interests of uniformed depositors. Demandable debt attracts funds by giving depositors an option to force liquidation. Its usefulness in transacting follows from information-sharing between monitors and nonmonitors.