Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model
AbstractWe 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 proposal game across generations, is shown to depend on the risk aversion and propensity for early liquidity needs of the agents.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 154 (1998)
Issue (Month): 1 (March)
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Other versions of this item:
- S. Bhattacharya & P. Fulghieri & R. Rovelli, 1997. "Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model," Working Papers 300, Dipartimento Scienze Economiche, Universita' di Bologna.
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G20 - Financial Economics - - Financial Institutions and Services - - - General
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