| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Financial Innovation and Financial Fragility |
| Nicola Gennaioli; Andrei Shleifer; Robert Vishny
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| 发表日期 | 2010
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| 出处 | Economy and Society
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| 出版年 | 2010
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| 语种 | 英语
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| 摘要 | We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive. Financial innovation can make both investors and intermediaries worse off. The model mimics several facts from recent historical experiences, and points to new avenues for financial reform. |
| 特色分类 | G;G11;G15;G2
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| 关键词 | Financial Innovation
Financial Fragility
Securities
Risks
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/financial-innovation-and-financial-fragility/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117890
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推荐引用方式
GB/T 7714 |
Nicola Gennaioli,Andrei Shleifer,Robert Vishny. Financial Innovation and Financial Fragility. 2010.
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20109211528484NDL2010-114.pdf
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