| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16068 |
| 来源ID | Working Paper 16068 |
| Neglected Risks, Financial Innovation, and Financial Fragility | |
| Nicola Gennaioli; Andrei Shleifer; Robert W. Vishny | |
| 发表日期 | 2010-06-10 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w16068 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573743 |
| 推荐引用方式 GB/T 7714 | Nicola Gennaioli,Andrei Shleifer,Robert W. Vishny. Neglected Risks, Financial Innovation, and Financial Fragility. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16068.pdf（476KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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