Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Quaderni - Working Paper DSE ; No. 300

Classification and Topics

• Classification: Wirtschaft

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Rovelli, Riccardo ; Fulghieri, Paolo ; Bhattacharya, Sudipto
• Event: Veröffentlichung
• (who): Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
• (where): Bologna
• (when): 1997

Further information

• DOI: doi:10.6092/unibo/amsacta/5008
• Handle: http://hdl.handle.net/10419/159143
• Last update: 10.03.2025, 11:43 AM CET