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The Role of Asset Trade in Solving Coordination Problems

Author

Listed:
  • Baland, J-M
  • Francois, P

Abstract

Asset trading resolves coordination problems in most currently existing models of coordination failure. We argue that a principal limitation of these models is their ignoring idiosyncratic and aggregate uncertainty in investment returns. We introduce such uncertainty in a standard model of investment coordination while simultaneously closing down all other avenues leading to coordination failures.

Suggested Citation

  • Baland, J-M & Francois, P, 1997. "The Role of Asset Trade in Solving Coordination Problems," Papers 190, Notre-Dame de la Paix, Sciences Economiques et Sociales.
    • Handle: RePEc:fth:nodapa:190
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    More about this item

    Keywords

    TRADE ; INVESTMENTS;

    JEL classification:

    • F19 - International Economics - - Trade - - - Other

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