Financial intermediation versus stock markets in a dynamic intertemporal model

Bhattacharya, Sudipto ; Fulghieri, Paolo ; Rovelli, Riccardo (1997) Financial intermediation versus stock markets in a dynamic intertemporal model. DOI 10.6092/unibo/amsacta/746.
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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
Bhattacharya, Sudipto
Fulghieri, Paolo
Rovelli, Riccardo
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DOI
Deposit date
17 Jun 2004
Last modified
17 Feb 2016 14:03
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