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Diversification and Competition: Financial Intermediation in a Large Cournot-Walras Economy

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  • Yosha, Oved

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  • Yosha, Oved, 1997. "Diversification and Competition: Financial Intermediation in a Large Cournot-Walras Economy," Journal of Economic Theory, Elsevier, vol. 75(1), pages 64-88, July.
    • Handle: RePEc:eee:jetheo:v:75:y:1997:i:1:p:64-88
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    1. Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June.
    2. Grossman, Sanford J & Hart, Oliver D, 1979. "A Theory of Competitive Equilibrium in Stock Market Economies," Econometrica, Econometric Society, vol. 47(2), pages 293-329, March.
    3. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March.
    4. Codognato, Giulio & Gabszewicz, Jean J, 1993. "Cournot-Walras Equilibria in Markets with a Continuum of Traders," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 453-464, July.
    5. Oliver D. Hart, 1979. "Monopolistic Competition in a Large Economy with Differentiated Commodities," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(1), pages 1-30.
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    8. Krasa, Stefan & Villamil, Anne P, 1992. "A Theory of Optimal Bank Size," Oxford Economic Papers, Oxford University Press, vol. 44(4), pages 725-749, October.
    9. Dasgupta, Partha & Ushio, Yoshiaki, 1981. "On the rate of convergence of oligopoly equilibria in large markets : An example," Economics Letters, Elsevier, vol. 8(1), pages 13-17.
    10. Shapley, L S, 1975. "An Example of a Slow-Converging Core," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 345-351, June.
    11. Hart, Oliver D, 1979. "On Shareholder Unanimity in Large Stock Market Economies," Econometrica, Econometric Society, vol. 47(5), pages 1057-1083, September.
    12. Roberts, Donald John & Postlewaite, Andrew, 1976. "The Incentives for Price-Taking Behavior in Large Exchange Economies," Econometrica, Econometric Society, vol. 44(1), pages 115-127, January.
    13. Bordo, Michael D. & Rockoff, Hugh & Redish, Angela, 1994. "The U.S. Banking System From a Northern Exposure: Stability versus Efficiency," The Journal of Economic History, Cambridge University Press, vol. 54(2), pages 325-341, June.
    14. Grossman, Richard S., 1994. "The Shoe That Didn't Drop: Explaining Banking Stability During the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 54(3), pages 654-682, September.
    15. Xavier Vives, 1993. "How Fast do Rational Agents Learn?," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(2), pages 329-347.
    16. Guesnerie, Roger & Hart, Oliver, 1985. "Welfare Losses Due to Imperfect Competition: Asymptotic Results for Cournot Nash Equilibria with and without Free Entry," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 525-545, October.
    17. Pagano, Marco, 1993. "The flotation of companies on the stock market : A coordination failure model," European Economic Review, Elsevier, vol. 37(5), pages 1101-1125, June.
    18. Roberts, Kevin, 1980. "The limit points of monopolistic competition," Journal of Economic Theory, Elsevier, vol. 22(2), pages 256-278, April.
    19. Novshek, William & Sonnenschein, Hugo, 1978. "Cournot and Walras equilibrium," Journal of Economic Theory, Elsevier, vol. 19(2), pages 223-266, December.
    20. Caspi, Yaffa Machnes, 1975. "A Limit Theorem on Competitive Equilibrium of an Economy under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 336-344, June.
    21. Krasa, Stefan & Villamil, Anne P., 1992. "Monitoring the monitor: An incentive structure for a financial intermediary," Journal of Economic Theory, Elsevier, vol. 57(1), pages 197-221.
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    Cited by:

    1. Kovalenkov, Alexander & Vives, Xavier, 2014. "Competitive rational expectations equilibria without apology," Journal of Economic Theory, Elsevier, vol. 149(C), pages 211-235.
    2. Jean-Pierre Zigrand, 1999. "Arbitrage and Endogenous Market Integration," FMG Discussion Papers dp319, Financial Markets Group.
    3. Mallick, Indrajit, 2002. "Comparative advantages in banking and strategic specialization and diversification," MPRA Paper 32605, University Library of Munich, Germany.
    4. de Meza, David & Reito, Francesco, 2020. "Too much waste, not enough rationing: The failure of stochastic, competitive markets," Journal of Economic Theory, Elsevier, vol. 188(C).
    5. Zigrand, Jean-Pierre, 2006. "Endogenous market integration, manipulation and limits to arbitrage," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 301-314, June.
    6. Winton, Andrew, 1997. "Competition among Financial Intermediaries When Diversification Matters," Journal of Financial Intermediation, Elsevier, vol. 6(4), pages 307-346, October.

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