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OUTSIDE AND INSIDE LIQUIDITY
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DOI：10.1093/qje/qjq007.png)
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摘要
En 中文
We propose an origination-and-contingent-distribution model of banking, in which liquidity demand by short-term investors (banks) can be met with cash reserves (inside liquidity) or sales of assets (outside liquidity) to long-term investors (hedge funds and pension funds). Outside liquidity is a more efficient source, but asymmetric information about asset quality can introduce a friction in the form of excessively early asset trading in anticipation of a liquidity shock, excessively high cash reserves, and too little origination of assets by banks. The model captures key elements of the financial crisis and yields novel policy prescriptions. JEL Codes: G01, G2, G21.
Keyword:
SYSTEMIC RISK
MARKET
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12.7
论文数:
1.2K
被引数:
4.1W
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