Loan Sales and the Cost of Bank Capital
构建模型分析银行如何通过监控借款人提高贷款收益，并解释银行在监管和竞争压力下出售贷款的行为，以及道德风险如何限制贷款出售规模。
ABSTRACT This paper considers a model where banks may improve the returns on loans by monitoring borrowers. Bank regulation, together with competitive deposit and equity financing, can give banks an incentive to sell loans, but the extent of their loan selling is limited by a moral‐hazard problem. A solution is given for the optimal design of the bank‐loan buyer contract that alleviates this moral‐hazard problem. An explanation is also given as to why some banks might buy loans and why loan sales volume has recently increased.