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| Author: | Bhattacharya, S. Fulgheri, P. Rovelli, R. |
| Title: | Financial intermediation versus stock markets in a dynamic intertemporal model |
| Journal: | Journal of Institutional and Theoretical Economics
1998 : MAR, VOL. 154:1, p. 291-319 |
| Index terms: | ECONOMICS STOCK MARKETS FINANCIAL INTERMEDIARIES |
| Language: | eng |
| Abstract: | The authors consider the transitions among intragenerational and alternative intergenerational financing and liquidity risk sharing mechanisms, in an overlapping generations model with endogenous levels of long-lived investments. The existence and characterization of a self-sustaining mechanism, stable across generations, is established. The long-run equilibrium outcome, in a proposed game across generations, is shown to depend on the risk aversion and propensity for early liquidity needs of the agents. |
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