On the instability of private intertemporal liquidity provision
ECONOMICS LETTERS(2021)
摘要
The provision of intertemporal liquidity by banks is known to be subject to coordination failures. We establish that asset markets providing intertemporal liquidity are also inherently unstable. These findings challenge the notion of an optimal private provision of liquidity. (C) 2021 Elsevier B.V. All rights reserved.
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关键词
Liquidity insurance, Instability, Overlapping generations, Market incompleteness
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