Liquidity, Banks, and Markets
研究银行和市场同时活跃时各自的角色，分析金融市场发展如何影响银行的结构和市场份额。银行通过分流市场流动性需求来降低投资者快速获取资本的成本并改善市场流动性。
This paper examines the roles of markets and banks when both are active, characterizing the effects of financial market development on the structure and market share of banks. Banks lower the cost of giving investors rapid access to their capital and improve the liquidity of markets by diverting demand for liquidity from markets. Increased participation in markets causes the banking sector to shrink, primarily through reduced holdings of long-term assets. In addition, increased participation leads to longer-maturity real and financial assets and a smaller gap between the maturity of financial and real assets. Copyright 1997 by the University of Chicago.