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input，output and a theory of production and cost at depository financial institutions

input，output and a theory of production and cost at depository financial institutions

ID：7294331

大小：5.00 MB

页数：17页

时间：2018-02-10

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1、THEJOURNALOFFINANCEVOL.XXXII,NO,4SEPTEMBER1977INPUTS,OUTPUTS,ANDATHEORYOFPRODUCTIONANDCOSTATDEPOSITORYFINANCIALINSTITUTIONSC.W.SEALEY,JR.ANDJAMEST.LiNDLEY*,"I.INTRODUCTIONTHETOOLOFANALYSISmostoftenappliedtothebehavioroffinancialinstitutionshasbeenportfoliotheory.Theinadequacyofthisapproachstemsfr

2、omthetotalomissionofproductionandcostconstraintsunderwhichfinancialfirmsoperate,andthustheroleoftheseconstraintsindeterminingtheequilibriumoutputmixandthescalesizeofthefinancialfirm.Althoughvariousstudieshaveproposedtodescribetheoperationsofthefinancialfirm(mostlycommercialbanks)byutilizingthecon

3、ceptsofthetheoryofthefirm,thuscorrectingthedeficienciesofportfolioanalysis,theyhavenotbeencompletelysuccessfulindevelopinganadequatemodelofthebankingorotherfinancialfirm[3:16;17:19;271.'Thelackofsuccessofpreviousstudiesindevelopingapositivetheoryofthefinancialfirmcanbeattributedtotheincompleteapp

4、licationoftheessentialelementsofthetheoryofthefirmtofinancialinstitutions.Specifically,previouswritershavefailedto:(I)appropriatelyclassifyoutputsandinputsofthefinancialfirmbyfailingtoconsiderthecriteriaonwhichthefinancialfirmmakeseconomicdecisions,and(2)analyzethetechnicalaspectsofproductionandc

5、ostforthefinancialfirm.Thepurposeofthispaperistodevelopamodelwithinwhichtheroleofproductionandcostcanbeanalyzedandthebehaviorofthefinancialfirmunderstoodwithinthecontextofaprofitmaximizingproducerratherthan,asviewedfromtheportfolioapproach,asarationalinvestor.Theanalysispresentedinthispapershowst

6、hefollowing:(1)contrarytoexistingliterature,inordertodevelopapositivetheoryofpriceandoutputdecisionsofthefinancialfirm,explicitconceptsofoutputsandinputsofthefinancialfirmmustbedevelopedandtheseconceptsmustbeconsistentwiththecriteriaonwhichthefirm'seconomicdecisionsaremade;(2)bycarefullyanalyzing

7、thetechnicalaspectsofthefinancialfirm'sproductionprocess,amodeloffinancialfirmbehaviorcanbedevelopedwhichisconsistentwiththetheoryofthefirm;(3)incontrasttothetraditionalfirm,thetechnicalproductionconditionsfacingthefin

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