G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15827
DP15827 Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets
Diemo Dietrich; Thomas Gehrig
发表日期2022-04-26
出版年2022
语种英语
摘要In standard models a preference for liquidity arises because investors want to take precautions against sudden expenditure needs. We propose that investors may also want to preserve flexibility in case better investment opportunities arrive later. The co-existence of both investor types is crucial for the scope and limits of bank liquidity creation. Co-existence can entail welfare gains in a friction-free world. However, when standard financial frictions apply, co-existence can result in welfare losses relative to a world with only a single investor type. In either case, policy recommendations based only on a single motive for liquidity demand may be seriously misguided.
主题Financial Economics ; Industrial Organization
关键词Expenditure needs Investment opportunities Liquidity insurance Penalty rates Competitive bank business models
URLhttps://cepr.org/publications/dp15827-1
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/546263
推荐引用方式
GB/T 7714
Diemo Dietrich,Thomas Gehrig. DP15827 Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets. 2022.
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