| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3507 |
| DP3507 Expected Returns and Expected Dividend Growth | |
| Martin Lettau; Sydney Ludvigson | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Globalization ? improved access to integrated, anonymous markets ? is claimed to crowd out cooperative relations: from reciprocal exchange to lifetime employment, from relational governance to corruption/collusion. We study how agents? intertemporal preferences and their access to markets interact and affect their ability to sustain generalized cooperative relations. The aversion to intertemporal substitution, a regular feature of real world agents, facilitates cooperation by decreasing the evaluation of short-run gains from unilateral defections and by increasing that of losses from punishment phases. Access to goods? markets and ?money? may then hinder cooperation by undoing these effects, allowing agents to save and reallocate short-run gains from defections in time at some cost. With their positive return on capital (savings), financial markets make cooperation even harder to sustain, unless the market interest rate is sufficiently below agents? discount rate or there are sufficiently strong income fluctuations. Then financial markets may in fact facilitate relations, by increasing cooperating agents? debt capacity and allowing them to smooth fluctuations along the cooperative equilibrium path. |
| 主题 | Industrial Organization ; International Trade and Regional Economics |
| 关键词 | Market access Cooperation Relational contracts Governance Commons Reciprocal exchange Lifetime employment Social capital Access to finance Globalization |
| URL | https://cepr.org/publications/dp3507 |
| 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/532521 |
| 推荐引用方式 GB/T 7714 | Martin Lettau,Sydney Ludvigson. DP3507 Expected Returns and Expected Dividend Growth. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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