Market and Public Liquidity
The model developed here is set up to address two issues that have been at the core of the current crisis. The first issue is the originate-and-distribute model of financial intermediation, what the underlying economic rationale for this model might be (if there is any), and how it might affect opti...
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| Veröffentlicht in: | The American economic review 2009-05, Vol.99 (2), p.594-599 |
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| container_title | The American economic review |
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| creator | Bolton, Patrick Santos, Tano Scheinkman, José A. |
| description | The model developed here is set up to address two issues that have been at the core of the current crisis. The first issue is the originate-and-distribute model of financial intermediation, what the underlying economic rationale for this model might be (if there is any), and how it might affect optimal liquidity provision. A new explanation is proposed for origination and contingent distribution based on maturity shocks and the optimal allocation of long-term assets in the hands of long-term investors. The second issue concerns the dynamics of liquidity crises and the optimal timing of public liquidity. |
| doi_str_mv | 10.1257/aer.99.2.594 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 2009-05, Vol.99 (2), p.594-599 |
| issn | 0002-8282 1944-7981 |
| language | eng |
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| source | Jstor Complete Legacy; American Economic Association; EBSCOhost Business Source Complete |
| subjects | Bank assets Bank liquidity Capital market Cash Economic crisis Economic theory Equilibrium prices Financial crisis Financial institutions Liquidity Liquidity risk Market Market equilibrium prices Monetary policy Monetary Policy, Liquidity, and Financial Crises Monetary reserves Prices Secondary markets Studies Trade |
| title | Market and Public Liquidity |
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