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EnglishWe 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, are 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.
| Titolo: | Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model | |
| Autore/i: | Bhattacharya S.; Fulghieri P.; ROVELLI, RICCARDO | |
| Autore/i Unibo: | ||
| Anno: | 2004 | |
| Titolo del libro: | Credit, Intermediation and the Macroeconomy | |
| Pagina iniziale: | 198 | |
| Pagina finale: | 224 | |
| Abstract: | We 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, are 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. | |
| Data prodotto definitivo in UGOV: | 19-set-2005 | |
| Appare nelle tipologie: | 2.01 Capitolo / saggio in libro |
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