Academic Journal
Liquidity Hoarding
| العنوان: | Liquidity Hoarding |
|---|---|
| المؤلفون: | Douglas Gale, Tanju Yorulmazer |
| المساهمون: | The Pennsylvania State University CiteSeerX Archives |
| المصدر: | http://www.nyu.edu/econ/user/galed/papers/paper-11-08-30.pdf. |
| سنة النشر: | 2011 |
| المجموعة: | CiteSeerX |
| مصطلحات موضوعية: | Interbank market, …re sale, market freeze, cash-in-the-market pricing. 1 Introduction |
| الوصف: | Banks hold liquid and illiquid assets. An illiquid bank that receives a liquidity shock sells assets to liquid banks in exchange for cash. We characterize the constrained effi cient allocation as the solution to a planner’s problem and show that the market equilibrium is constrained inefficient, with too little liquidity and inefficient hoarding. Our model features a precautionary as well as a speculative motive for hoarding liquidity, but the inefficiency of liquidity provision can be traced to the incompleteness of markets (due to private information) and the increased price volatility that results from trading assets for cash. |
| نوع الوثيقة: | text |
| وصف الملف: | application/pdf |
| اللغة: | English |
| Relation: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.307.8050; http://www.nyu.edu/econ/user/galed/papers/paper-11-08-30.pdf |
| الاتاحة: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.307.8050 http://www.nyu.edu/econ/user/galed/papers/paper-11-08-30.pdf |
| Rights: | Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
| رقم الانضمام: | edsbas.840D0317 |
| قاعدة البيانات: | BASE |
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