G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3815
DP3815 Compatibility Standards and Strategic Trade Policy
Uwe Walz; Bernd Woeckener
发表日期2003-03-23
出版年2003
语种英语
摘要We study two-period pure-exchange Capital Asset Pricing Model (CAPM) economies, for given degrees of incompleteness of financial markets and given degrees of restricted participation of agents in the markets. We characterize the optimal financial market structure of this economy, as well as efficient financial innovations consisting of both the introduction of new assets and the integration of segmented markets. We show that the optimal financial market structures maximize a simple criterion that captures the dispersion of the ?betas? of the participating agents. Our results imply that, in contrast with the prescription of the Optimal Currency Area literature, maximal advantage from the integration of financial markets arises for those economic regions whose endowment processes are minimally or negatively correlated. Moreover, we show that some coordination of the innovation process, e.g., in the form of consolidation of exchanges, is likely to be desirable when the integrating economies have segmented asset markets.
主题Financial Economics
关键词Security design Financial integration Decentralizability Incomplete markets Restricted participation Capm
URLhttps://cepr.org/publications/dp3815
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/532807
推荐引用方式
GB/T 7714
Uwe Walz,Bernd Woeckener. DP3815 Compatibility Standards and Strategic Trade Policy. 2003.
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