haku: @author Bhattacharya, S. / yhteensä: 18
viite: 8 / 18
Tekijä: | Bhattacharya, S. Fulgheri, P. Rovelli, R. |
Otsikko: | Financial intermediation versus stock markets in a dynamic intertemporal model |
Lehti: | Journal of Institutional and Theoretical Economics
1998 : MAR, VOL. 154:1, p. 291-319 |
Asiasana: | ECONOMICS STOCK MARKETS FINANCIAL INTERMEDIARIES |
Kieli: | eng |
Tiivistelmä: | 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. |
SCIMA