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| Author: | Bencivenga, V. Smith, B. Starr, R. |
| Title: | Liquidity of secondary capital markets: allocative efficiency and the maturity composition of the capital stock |
| Journal: | Economic Theory
1996 : SPRING, VOL. 7:1, p. 19-50 |
| Index terms: | ECONOMIC THEORY LIQUIDITY CAPITAL MARKETS |
| Language: | eng |
| Abstract: | The authors investigate the function of liquid financial markets for the allocation of productive capital. The authors consider an economy where agents endogenously choose among capital production technologies with differing gestation periods. Long-gestation capital investments must be "rolled-over" in secondary capital markets. The use of such investment technologies therefore requires the support of liquid financial markets. The authors describe conditions under which various outcomes occur. |
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