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1、TheReviewofEconomicStudiesAdvanceAccesspublishedJanuary23,2013ReviewofEconomicStudies(2013)0,127doi:10.1093/restud/rds037©TheAuthor2013.PublishedbyOxfordUniversityPressonbehalfofTheReviewofEconomicStudiesLimited.Banking:ANewMonetaristApproachCHAOGUDownloadedfromUniversityofMissouri-ColumbiaFABRI
2、ZIOMATTESINIUniversityofRomeTor-VergataCYRILMONNEThttp://restud.oxfordjournals.org/UniversityofBernandStudyCenterGerzenseeandRANDALLWRIGHTUniversityofWisconsin-Madison,FRBMinneapolis,andFRBChicagoFirstversionreceivedAugust2010;finalversionacceptedMay2012(Eds.)atUniversityofMissouri-ColumbiaonApri
3、l5,2013Wedevelopamodelwhere:(i)bankstakedepositsandmakeinvestments;(ii)theirliabilitiesfacilitatethird-partytransactions.Othermodelshave(i)or(ii),notboth,althoughwearguetheyareintimatelyconnected:weshowthattheybothemergefromlimitedcommitment.Wedescribeanenvironment,characterizedesirableallocatio
4、ns,andinterprettheoutcomesasbankingarrangements.Banksareessential:withoutthem,thesetoffeasibleallocationsisinferior.Asatechnicalcontribution,wecharacterizedynamicallyoptimalcreditallocationswithfrictions,showtheyinvolvebackloading,andanalysehowthisinteractswithbanking.Wealsoconfrontthetheorywith
5、economichistory.Keywords:Banking,LimitedCommitmentJELCodes:D02,E02,E44,G211.INTRODUCTIONWedevelopatheorydesignedtocapturetwosalientfeaturesofbanking:(i)banksacceptdepositsandmakeinvestmentsonbehalfoftheirdepositors;(ii)theirliabilities,claimsonsaiddeposits,facilitateexchangewithotherparties.Whil
6、emanymodelsofbankingconsidereitherthefirstorsecondfeature,itisdesirabletohaveaframeworkincorporatingboth,becausethetwoactivitiesareconnectedinafundamentalway:asweshow,bothoriginatefromlimitedcommitment.Ofcourse,banksmaydomoree.g.provideliquidityinsuranceandinformationprocessing.Wedownplaythesefun
7、ctions,astheyhavebeenstudiedextensivelyelsewhere,andfocusinsteadonbanksarisingendogenouslyasaresponsetocommitmentproblems.Commitmentissuesarecentralbecausebankingconcernstheintertemporalallocationsofresources,whichhingesonth
