| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2238 |
| DP2238 Optimal Bail-Out, Conditionality and Creative Ambiguity | |
| Xavier Freixas | |
| 发表日期 | 1999-09-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The paper presents a two-country macroeconomic model in which the number of financial assets is endogenous. Imperfect substitutability of assets and international transaction costs give a comparative advantage to large markets, because of demand effects. Agents have more incentives to undertake risky investments on those markets; they can also diversify risk at a lower cost. Prices of financial assets are higher in the large area because asset markets are broader. We also analyse the impact of domestic transaction costs and issuing costs on financial markets and returns. Our theory has important implications for the pattern of international trade in risky assets. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Asset trade Incomplete markets International macroeconomics Transaction costs |
| URL | https://cepr.org/publications/dp2238 |
| 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/531339 |
| 推荐引用方式 GB/T 7714 | Xavier Freixas. DP2238 Optimal Bail-Out, Conditionality and Creative Ambiguity. 1999. |
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