Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model

Rovelli, Riccardo ; Fulghieri, Paolo ; Bhattacharya, Sudipto (1997) Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model. Bologna: Dipartimento di Scienze economiche DSE, p. 39. DOI 10.6092/unibo/amsacta/5008. In: Quaderni - Working Paper DSE (300). ISSN 2282-6483.
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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.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Rovelli, Riccardo
Fulghieri, Paolo
Bhattacharya, Sudipto
Subjects
ISSN
2282-6483
DOI
Deposit date
30 Mar 2016 08:14
Last modified
30 Mar 2016 08:14
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