Financial Intermediaries, Markets, and Growth
构建模型，其中金融中介为家庭提供流动性冲击保险，但市场约束其风险分担能力，导致银行主导型经济体可能比市场主导型增长更慢，与实证一致。
We build a model in which financial intermediaries provide insurance to households against idiosyncratic liquidity shocks. Households can invest in financial markets directly if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. From a growth perspective, this can be beneficial because intermediaries invest less in the productive technology when they provide more risk‐sharing. Our model predicts that bank‐oriented economies can grow more slowly than more market‐oriented economies, which is consistent with some recent empirical evidence.