What's different about banks?☆

作者: Eugene F. Fama

DOI: 10.1016/0304-3932(85)90051-0

关键词:

摘要: Abstract Negotiable certificates of deposit (CD's) trade in the capital market competition with other securities like commercial paper and bankers' acceptances. If CD's must pay lenders competitive monetary interest, reserve tax on is borne by bank borrowers. Viability means there be something special about loans that makes some borrowers willing to higher interest rates than those equivalent risk. Moreover, banks prevents intermediaries from competing assure it never pays finance CD's.

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