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| Tekijä: | Wang, Y. Zhou, H. |
| Otsikko: | Money and credit in liquidity provision |
| Lehti: | Journal of Banking and Finance
2001 : NOV, VOL. 25:11, p. 2041-2067 |
| Asiasana: | ASYMMETRIC INFORMATION CREDIT LIQUIDITY MONEY DEMAND |
| Kieli: | eng |
| Tiivistelmä: | This paper studies the liquidity provision in a model where the roles of money are challenged by other financial instruments. Alternative for money, credit can be used as means of payment and rate dominating assets are available to serve as strores of value. Two features are found to be crucial in rendering money valuable in this environment: information asymmetry in credit trading relationship and uncertainty in individuals' liquidity demand. |
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