Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model

Sudipto Bhattacharya, P. Fulghieri and Riccardo Rovelli

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

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.

Date: 1997-08
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://amsacta.unibo.it/5008/1/300.pdf (application/pdf)

Related works:
Journal Article: Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model (1998)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:300

Access Statistics for this paper

More papers in Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna Contact information at EDIRC.
Bibliographic data for series maintained by Dipartimento Scienze Economiche, Universita' di Bologna ().