Teoría de carteras y de la intermediación financiera

Abstract

This is a summary exposition of the Markowitz-Tobin portfolio theory followed by a survey of various models of financial intermediation. After a brief exposition of the return-risk theory of portfolio equilibrium, Pyles's theory of risk hedging is presented and applied to an increasingly absolute risk-averse bank that makes risky loans. The basic models of reserve management and liability management under uncertainly are exposited in the competitive case, and various extensions are presented which include the existence of monopoly power, real costs, a reserve coefficient and deposit insurance.