Intermediation Variety
基于融资成本差异，解释银行与非银行中介共存的原因：银行因安全网和货币类负债享有低成本，但导致预算软约束，难以终止失败项目；非银行高成本反而使其能承诺终止融资，两者在均衡中共存。
ABSTRACT We explain why banks and nonbank intermediaries coexist in a model based only on differences in their funding costs. Banks enjoy a low cost of capital due to safety nets and money‐like liabilities. We show that this can actually be a disadvantage: it generates a soft‐budget‐constraint problem that makes it difficult for banks to credibly threaten to withhold additional funding to failed projects. Nonbanks emerge to solve this problem. Their high cost of capital is an advantage: it allows them to commit to terminate funding. Still, nonbanks never take over the entire market, but other coexist with banks in equilibrium.