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| Tekijä: | Holmstroem, B. Tirole, J. |
| Otsikko: | Private and public supply of liquidity |
| Lehti: | Journal of Political Economy
1998 : FEB, VOL. 106:1, p. 1-40 |
| Asiasana: | POLITICAL ECONOMY LIQUIDITY SUPPLY |
| Kieli: | eng |
| Tiivistelmä: | This paper addresses a basic, yet unresolved, question: Do claims on private assets provide sufficient liquidity for an efficient functioning of the productive sector? Or does the state have a role in creating liquidity and regulating it either through adjustments in the stock of government securities or by other means? In our model, firms can meet future liquidity needs in three ways: by issuing new claims, by obtaining a credit line from a financial intermediary, and by holding claims on firms. |
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