翻译经济文2Repullo (2004) builds on Hellmann et al.’s approach by applying a Salop-style model ofspatial monopolistic competition to the market for deposits in a framework in which representativebanks facing risk-based capital regulation choos

翻译经济文2Repullo (2004) builds on Hellmann et al.’s approach by applying a Salop-style model ofspatial monopolistic competition to the market for deposits in a framework in which representativebanks facing risk-based capital regulation choos
翻译经济文2
Repullo (2004) builds on Hellmann et al.’s approach by applying a Salop-style model of
spatial monopolistic competition to the market for deposits in a framework in which representative
banks facing risk-based capital regulation choose between riskless and risky
assets with exogenous returns. In the Repullo model, banks are located equidistant along
a unit circle, and overlapping-generations depositors face costs of moving between banks,
which results in deposit demand that depends on the number of banks, the spread between
banks’ deposit rates, and the mobility cost. Each bank faces the resulting demand for its
own deposits and chooses whether to invest in a riskless or risky asset in the face of a capital
constraint. As in Hellmann et al., Repullo finds that either imposing capital requirements
or a deposit rate ceiling raises the bank’s expected operating margin, which gives
it greater incentive to invest in the prudent asset. In addition, however, risk-based capital
requirements better constrain banks to prudent assets with less harm to depositors’ welfare
than deposit rate ceilings.

翻译经济文2Repullo (2004) builds on Hellmann et al.’s approach by applying a Salop-style model ofspatial monopolistic competition to the market for deposits in a framework in which representativebanks facing risk-based capital regulation choos
雷普略（2004）建立在赫尔曼等人.的运用一萨洛普式模型的方法
垄断竞争的空间存款市场的一个框架,使代表
银行面临的风险为基础的资本监管之间选择无风险和风险
外源性资产的回报.在雷普略模式,银行位于沿等距
单位圆,重叠的,代存银行之间面临搬迁费用,
存款要求,对银行的数目,取决于利差的结果
银行存款利率和流动性成本.每家银行面临的需求造成的
选择自己的存款和投资是否在资本面无风险或风险资产
约束.正如乐门等.,雷普略认为,要么实行资本要求
或存款利率上限提高了银行的营业利润预期,这使得
它更乐于投资审慎的资产.然而,除此之外,基于风险的资本
要求更好地约束银行审慎的资产,存户少受伤害的福利
比存款利率上限.