A Framework for Understanding the Evolution of Financial Institutions
April 19, 2018
April 19, 2018
Financial institutions are financed by both investors – who expect an appropriate risk-adjusted return for providing financing and risk bearing – and customers – who provide financing in exchange for specific services. Robert Merton and Richard Thakor develop a framework that defines the roles of customers and investors at financial institutions, and use it to build an economic theory.
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