| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Privatization and Investment: Crowding-Out Effect vs Financial Diversification | |
| Guillaume Girmens; Michel Guillard | |
| 发表日期 | 2002 |
| 出处 | Economy and Society |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this paper, we study the effect of share issue privatization (SIP) on private investment and financial market under incomplete risk diversification. Risk neutrality and imperfect intertemporal substitutability make investment decreasing in privatization (crowding-out effect). Vice-versa with risk aversion and perfect intertemporal substitutability (diversification effect). Finally, with risk aversion and imperfect intertemporal substitutability, crowding-out effects are more than compensated by diversification effects if and only if risk aversion is sufficiently high (relatively, i.e. compared to the inverse of the elasticity of intertemporal substitution). We establish these results in the most favorable case for the dominance of the crowding-out effect, when the revenues of privatization are devoted to present public consumption. |
| 特色分类 | D81,L33 |
| 关键词 | Crowding-out effect,non-expected preferences,privatization,risk-sharing |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/privatization-and-investment-crowding-out-effect-vs-financial-diversification/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116820 |
| 推荐引用方式 GB/T 7714 | Guillaume Girmens,Michel Guillard. Privatization and Investment: Crowding-Out Effect vs Financial Diversification. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2002-108.pdf（587KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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