the role of demandable debt in structuring optimal banking arrangements（可要求的债务的作用在构建最优银行安排）.pdfVIP

American Economic Association The Role of Demandable Debt in Structuring Optimal Banking Arrangements Author(s): Charles W. Calomiris and Charles M. Kahn Source: The American Economic Review, Vol. 81, No. 3 (Jun., 1991), pp. 497-513 Published by: American Economic Association Stable URL: /stable/2006515 . Accessed: 10/08/2011 14:31 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. The Role of Demandable Debt in Structuring Optimal BankingArrangements By CHARLES W. CALOMIRIS AND CHARLES M. KAHN* Demandable-debtfinance by banks warrantsexplanationbecause it entails costs of bank suspension, liquidation, and idle reserve holdings. An explanation is developed in which demandable debt provides incentive-compatibleintermedia- tion where the banker has comparativeadvantage in allocating investmentfunds but may act against the interests of uninformed depositors. Demandable debt attracts funds by giving depositors an option to force liquidation. Its usefulness in transactingfollows from information-sharingbetweenmonitors and nonmon- itors. (JEL G21) For centuries, the vast majority of exter- funds t