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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.
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