منابع مشابه
Imperfect Knowledge, Liquidity and Bubbles
This paper demonstrates that insufficient liquidity, in the form of a shortage of safe assets that are useful as collateral in facilitating exchange, can lead to substantial movements in asset prices. There is a single asset that yields a positive payoff stream and can be traded in a centralized market. The asset can also be used to facilitate exchange in decentralized, or over-the-counter, tra...
متن کاملBubbles, Liquidity and the Macroeconomy
The recent financial crisis has shown that financial frictions such as asset bubbles and liquidity spirals have important consequences not only for the financial sector, but also more generally for the macro economy. It forces economists to reevaluate firmly held beliefs about market efficiency, as well as convictions about the appropriate regulation of financial markets and approaches to macro...
متن کاملCapital Inflows , Liquidity and Bubbles Guillermo
Policymakers in Emerging Market economies (EMs) are facing a serious dilemma: while their economies are currently benefiting from a surge of capital inflows, they fear a replay of the 1990s and early 2000s when their economies underwent costly Sudden Stops (of capital inflows). A serious concern is that a capital‐inflow episode could give rise to "bubbles," i.e., an artificial or transitory inc...
متن کاملLiquidity and Asset Returns Under Asymmetric Information and Imperfect Competition
We analyze how asymmetric information and imperfect competition affect liquidity and asset prices. Our model has three periods: agents are identical in the first, become heterogeneous and trade in the second, and consume asset payoffs in the third. We show that asymmetric information in the second period raises ex ante expected asset returns in the first, comparing both to the case where all pr...
متن کاملLiquidity Constraints and Imperfect Information in Subprime Lending
Access to credit markets is generally considered a hallmark of developed economies. In the United States, most households appear to have substantial ability to borrow; indeed, households in the United States have an average of over $23,000 in nonmortgage debt alone. Nevertheless, economists often point to limited borrowing opportunities for lower-income households to explain anomalous findings ...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2016
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2015.11.001