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.

Bhattacharya S., Fulghieri P., Rovelli R. (2004). Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model. OXFORD : Oxford University Press.

Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model

ROVELLI, RICCARDO
2004

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.
2004
Credit, Intermediation and the Macroeconomy
198
224
Bhattacharya S., Fulghieri P., Rovelli R. (2004). Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model. OXFORD : Oxford University Press.
Bhattacharya S.; Fulghieri P.; Rovelli R.
File in questo prodotto:
Eventuali allegati, non sono esposti

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/4424
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo

Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact