| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9890 |
| DP9890 Finance and the Preservation of Wealth | |
| Andrei Shleifer; Robert Vishny; Nicola Gennaioli | |
| 发表日期 | 2014-03-16 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (GSV, 2014) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs to trusting investors. In this model, the ratio of financial income to GDP increases with the ratio of aggregate wealth to GDP. Both rise along the convergence path to steady state growth. We examine several further implications of the model for management fees, unit costs of finance, and the consequences of shocks to trust and to the capital stock. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Finance income share Wealth preservation |
| URL | https://cepr.org/publications/dp9890 |
| 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/538724 |
| 推荐引用方式 GB/T 7714 | Andrei Shleifer,Robert Vishny,Nicola Gennaioli. DP9890 Finance and the Preservation of Wealth. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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