The Determinants of Bank Interest Margins: A Note
扩展了Ho-Saunders模型，考虑贷款异质性，发现考虑银行产品间需求交叉弹性时纯利差可能降低，多元化收益源于服务与产品需求的相互依赖，银行可通过控制相对利差管理库存风险。
The Ho-Saunders model (1981) is extended to consider the case of loan heterogeneity. Pure interest spreads may be reduced when cross-elasticities of demand between bank products are considered. The resulting diversification benefits emanate from the interdependence of demands across bank services and products—a type of portfolio effect. Control over relative rate spreads, across product types, and the resulting ability to manipulate the arrival of transactions demands enables the financial intermediary to maintain a more active role in managing its inventory risk exposure.