Financial Flexibility, Bank Capital Flows, and Asset Prices
构建了一个简约的银行与资产定价一般均衡模型，研究金融发展、资本流动、银行部门规模、中介价值、预期市场回报和银行崩溃风险，发现股息收益率与金融灵活性相关，资本流动有助于解释预期回报和银行崩溃风险。
ABSTRACT In our parsimonious general‐equilibrium model of banking and asset pricing, intermediaries have the expertise to monitor and reallocate capital. We study financial development, intraeconomy capital flows, the size of the banking sector, the value of intermediation, expected market returns, and the risk of bank crashes. Asset pricing implications include: a market's dividend yield is related to its financial flexibility, and capital flows should be important in explaining expected returns and the risk of bank crashes. Our predictions are broadly consistent with the aggregate behavior of U.S. capital markets since 1950.