2012年7月
Asset illiquidity and market shutdowns in competitive equilibrium
REVIEW OF ECONOMIC DYNAMICS
- 巻
- 15
- 号
- 3
- 開始ページ
- 283
- 終了ページ
- 294
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1016/j.red.2012.02.003
- 出版者・発行元
- ACADEMIC PRESS INC ELSEVIER SCIENCE
This paper introduces asymmetric information in a competitive asset market into a dynamic general-equilibrium model with borrowing constraints. In the presence of borrowing constraints, asset sales become a crucial means for agents to finance opportunities to invest in new assets. In this environment, reduced asset sales due to asymmetric information lower the economic growth rate if agents invest in new assets. The volume of asset trade, however, becomes zero if and only if agents stop investing in new assets because of sufficiently low aggregate productivity. A low economic growth rate with a market shutdown is solely due to low aggregate productivity without any role of the market shutdown. Crown Copyright (C) 2012 Published by Elsevier Inc. All rights reserved.
- リンク情報
- ID情報
-
- DOI : 10.1016/j.red.2012.02.003
- ISSN : 1094-2025
- Web of Science ID : WOS:000305778400002