| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP142 |
| 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 |
| URL | https://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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