Risk, Specialization, and Covered-Interest Parity

Prevailing theories of financial intermediation assume an integrated financial sector with frictionless risk sharing. However, we identify substantial risk-sharing frictions linked to intermediary specialization using currency derivatives markets as a laboratory. Using confidential supervisory data

主流金融中介理论假定存在一个具备无摩擦风险分担机制的一体化金融部门。然而，我们以抛补利率平价（CIP）偏离的横截面为实验场景，识别出与中介专业化相关的显著风险分担摩擦。