G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14361
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
URLhttps://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.
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