Collateral, rehypothecation, and efficiency
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Park, Hyejin | - |
dc.contributor.author | Kahn, Charles M. | - |
dc.date.accessioned | 2023-09-11T01:34:42Z | - |
dc.date.available | 2023-09-11T01:34:42Z | - |
dc.date.issued | 2019-07 | - |
dc.identifier.issn | 1042-9573 | - |
dc.identifier.issn | 1096-0473 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/erica/handle/2021.sw.erica/115198 | - |
dc.description.abstract | This paper studies rehypothecation, a practice in which financial institutions re-pledge collateral pledged to them by their clients. Rehypothecation enhances provision of funding liquidity to the economy, but it also incurs deadweight cost by misallocating the asset among the agents when counterparties fail. We examine the possibility of a conflict between the intermediary and its borrower on rehypothecation arrangements. The direction of this conflict depends on haircuts of the contract between them: if the contract involves over-collateralization, there tends to be an excessive use of rehypothecation, and if the contract involves under-collateralization, there tends to be an insufficient use of rehypothecation. This offers an empirical prediction of a link between the size of haircut in collateralized financial contracts, borrower information, and the likelihood of rehypothecation. © 2018 Elsevier Inc. | - |
dc.format.extent | 13 | - |
dc.language | 영어 | - |
dc.language.iso | ENG | - |
dc.publisher | Academic Press | - |
dc.title | Collateral, rehypothecation, and efficiency | - |
dc.type | Article | - |
dc.publisher.location | 미국 | - |
dc.identifier.doi | 10.1016/j.jfi.2018.06.001 | - |
dc.identifier.scopusid | 2-s2.0-85049751739 | - |
dc.identifier.wosid | 000479016300004 | - |
dc.identifier.bibliographicCitation | Journal of Financial Intermediation, v.39, pp 34 - 46 | - |
dc.citation.title | Journal of Financial Intermediation | - |
dc.citation.volume | 39 | - |
dc.citation.startPage | 34 | - |
dc.citation.endPage | 46 | - |
dc.type.docType | 정기학술지(Article(Perspective Article포함)) | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.subject.keywordPlus | LIQUIDITY | - |
dc.subject.keywordPlus | RISK | - |
dc.subject.keywordPlus | EQUILIBRIUM | - |
dc.subject.keywordPlus | MARKETS | - |
dc.subject.keywordAuthor | Collateral | - |
dc.subject.keywordAuthor | Misallocation | - |
dc.subject.keywordAuthor | Moral hazard | - |
dc.subject.keywordAuthor | Rehypothecation | - |
dc.identifier.url | https://www.sciencedirect.com/science/article/pii/S1042957318300378?pes=vor | - |
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