Interest Rate Risk and Capital Adequacy For Traditional Banks and Financial Intermediaries
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Traditionally, banks and financial intermediaries borrow short and lend long. This causes a risk of negative net worth (and failure, under simplifying assumptions), because the present discounted value of the assets is more volatile than that of the liabilities. This paper utilizes a new option
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美国国家经济研究局创建时间：
1978-03-01
