| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13137 |
| DP13137 The Implications of Financial Innovation for Capital Markets and Household Welfare | |
| Adrian Buss; Grigory Vilkov | |
| 发表日期 | 2018-08-23 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Our objective is to understand how financial innovation affects investors' optimal asset-allocation decisions and the economic mechanisms through which these decisions influence financial markets, welfare, and wealth inequality. We show that when some investors, such as households, are less confident than other investors about the dynamics of the new asset made available by financial innovation, but learn over time, many ''intuitive'' results are reversed: financial innovation increases the return volatility and risk premium of the new asset along with volatilities of investors' portfolios. Despite the increase in volatilities, financial innovation improves the welfare of all investors but worsens wealth inequality because experienced investors benefit more from it. |
| 主题 | Financial Economics |
| 关键词 | Household finance Household portfolio choice Wealth inequality Differences in beliefs Parameter uncertainty Recursive utility Bayesian learning |
| URL | https://cepr.org/publications/dp13137 |
| 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/541940 |
| 推荐引用方式 GB/T 7714 | Adrian Buss,Grigory Vilkov. DP13137 The Implications of Financial Innovation for Capital Markets and Household Welfare. 2018. |
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