G2TT
来源类型Discussion paper
规范类型论文
来源IDDP142
DP142 Trading Volume and Asset Liquidity
Marco Pagano
发表日期1986-12-01
出版年1986
语种英语
摘要The existence of a centralized market does not in itself guarantee that an asset can be readily liquidated at no loss: if the market is not deep enough, traders will experience adverse changes in the market price in response to their transactions. Market depth, however, is a function of the entry decisions of all potential traders. Each trader will therefore judge the absorptive capacity of the market on the basis of his conjectures about the behaviour of the others. This creates an externality, and as often happens in situations where externalities are at work, multiple (rational expectations) equilibria are possible. The nature of the equilibrium which results depends on the initial conjectures that each trader forms about the choices of the others. If conjectures are "pessimistic", for instance, a market may remain trapped at an inefficient equilibrium, characterized by low trading volume and low liquidity.
主题International Macroeconomics
关键词Asset liquidity Market depth Market thinness Rational expectations Trading volume
URLhttps://cepr.org/publications/dp142
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529298
推荐引用方式
GB/T 7714
Marco Pagano. DP142 Trading Volume and Asset Liquidity. 1986.
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