| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15827 |
| 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 |
| URL | https://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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