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Thesis

Towards a new theory of financial intermediation

Abstract:

This thesis includes three interconnected essays which, building on the work by Hart and Zingales (2011), lay down the foundations for a new theory of financial intermediation. The first essay explains the Hart and Zingales (HZ) framework and shows that their results are not general. In the HZ model, there is a lack of simultaneous double coincidence of wants, and future income is not pledgeable. This implies that agents need money to trade. However, holding money entails an opportunity co...

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Oxford college:
St Edmund Hall
Role:
Author

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Role:
Supervisor
Role:
Supervisor
Publication date:
2013
Type of award:
DPhil
Level of award:
Doctoral
Awarding institution:
Oxford University, UK
Language:
English
Keywords:
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UUID:
uuid:c504db52-9cf8-45aa-8782-06c57fecfe5b
Local pid:
ora:7186
Deposit date:
2013-08-15

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