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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number 300.
Date of creation: Aug 1997
Date of revision:
Contact details of provider:
Postal: Piazza Scaravilli, 2, and Strada Maggiore, 45, 40125 Bologna
Phone: +39 051 209 8019 and 2600
Fax: +39 051 209 8040 and 2664
Web page: http://www.dse.unibo.it
More information through EDIRC
Other versions of this item:
- Sudipto Bhattacharya & Paolo Fulghieri & Riccardo Rovelli, 1998. "Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 291-, March.
- 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
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Alejandro Gaytan & Romain Ranciere, 2005.
"Banks, Liquidity Crises and Economic Growth,"
DEGIT Conference Papers
c010_040, DEGIT, Dynamics, Economic Growth, and International Trade.
- Alejandro Gaytan & Romain Ranciere, 2004. "Banks, Liquidity Crises and Economic Growth," Econometric Society 2004 North American Summer Meetings 399, Econometric Society.
- Alejandro Gaytan & Romain Rancière, 2001. "Banks, liquidity crises and economic growth," Economics Working Papers 853, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2003.
- Alejandro Gaytán González & Romain Ranciere, 2005. "Banks, Liquidity Crises and Economic Growth," Working Papers 2005-03, Banco de México.
- Alejandro Gaytan & Romain Ranciere, 2004.
"Wealth, Financial Intermediation and Growth,"
191, Barcelona Graduate School of Economics.
- Alejandro Gaytan & Romain Rancière, 2004. "Wealth, financial intermediation and growth," Economics Working Papers 851, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2004.
- Alejandro Gaytán González & Romain Ranciere, 2005. "Wealth, Financial Intermediation and Growth," Working Papers 2005-02, Banco de México.
- Dwyer Jr., Gerald P. & Samartín, Margarita, 2009.
"Why do banks promise to pay par on demand?,"
Journal of Financial Stability,
Elsevier, vol. 5(2), pages 147-169, June.
- Margarita Samartin & Gerald Dwyer, 2004. "Why do Banks Promise to Pay Par on Demand?," 2004 Meeting Papers 180c, Society for Economic Dynamics.
- Samartín Sáenz, Margarita & Dwyer, Gerald P., 2009. "Why do banks promise to pay par on demand?," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/7581, Universidad Carlos III de Madrid.
- Margarita SamartÃn & Gerald Dwyer, 2004. "Why do banks promise to pay par on demand?," 2004 Meeting Papers 372, Society for Economic Dynamics.
- Gerald P. Dwyer, Jr. & Margarita Samartín, 2006. "Why do banks promise to pay par on demand?," Working Paper 2006-26, Federal Reserve Bank of Atlanta.
- Ioannis Lazopoulos, 2005. "Cycles And Banking Crisis," Money Macro and Finance (MMF) Research Group Conference 2005 15, Money Macro and Finance Research Group.
- Xavier Freixas & Dimitrios P. Tsomocos, 2004.
"Book vs. fair value accounting in banking and intertemporal smoothing,"
Economics Working Papers
771, Department of Economics and Business, Universitat Pompeu Fabra.
- Dimitrios P Tsomocos & Xavier Freixas, 2004. "Books vs. Fair Value Accounting in Banking, and Intertemporal Smoothing," Economics Series Working Papers 2004-FE-13, University of Oxford, Department of Economics.
- Xavier Freixas & Dimitrios P. Tsomocos, 2004. "Book vs. Fair Value Accounting in Banking, and Intertemporal Smoothing," OFRC Working Papers Series 2004fe13, Oxford Financial Research Centre.
- Sharon Blei, 2007. "Investigating output cycles under two alternative financial systems," Supervisory Policy Analysis Working Papers 2007-04, Federal Reserve Bank of St. Louis.
- Fulghieri, Paolo & Rovelli, Riccardo, 1998. "Capital markets, financial intermediaries, and liquidity supply," Journal of Banking & Finance, Elsevier, vol. 22(9), pages 1157-1180, September.
- Niinimäki, Juha-Pekka, 2002. "Bank panics in transition economies," BOFIT Discussion Papers 2/2002, Bank of Finland, Institute for Economies in Transition.
- Jos van Bommel, 2007. "Endogenous Cycles and Liquidity Risk," Money Macro and Finance (MMF) Research Group Conference 2006 149, Money Macro and Finance Research Group.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Luca Miselli).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.