| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14361 |
| DP14361 The Choice Channel of Financial Innovation | |
| Felipe Saraiva Iachan; Plamen T. Nenov; Alp Simsek | |
| 发表日期 | 2020-01-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Financial innovation in recent decades has expanded portfolio choice. We investigate how greater choice affects investors' savings and asset returns. We establish a choice channel by which greater portfolio choice increases investors' savings---by enabling them to earn the aggregate risk premium or to take speculative positions. In equilibrium, portfolio customization (access to risky assets beyond the market portfolio) reduces the risk-free rate. Participation (access to the market portfolio) reduces the risk premium but typically increases the risk-free rate. Empirically, stock market participants in the U.S. save more than nonparticipants, and have increasingly dispersed portfolio returns, consistent with the choice channel. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Belief disagreements Speculation Financial innovation Savings Interest rate risk premium Customization Stock market participation |
| URL | https://cepr.org/publications/dp14361 |
| 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/543255 |
| 推荐引用方式 GB/T 7714 | Felipe Saraiva Iachan,Plamen T. Nenov,Alp Simsek. DP14361 The Choice Channel of Financial Innovation. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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