全球智库信息集成服务系统(G2TT): Inefficient Provision of Liquidity

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17299
来源ID	Working Paper 17299
	Inefficient Provision of Liquidity
	Oliver D. Hart; Luigi Zingales
发表日期	2011-08-18
出版年	2011
语种	英语
摘要	We study an economy where the lack of a simultaneous double coincidence of wants creates the need for a relatively safe asset (money). We show that, even in the absence of asymmetric information or an agency problem, the private provision of liquidity is inefficient. The reason is that liquidity affects prices and the welfare of others, and creators do not internalize this. This distortion is present even if we introduce lending and government money. To eliminate the inefficiency the government must restrict the creation of liquidity by the private sector.
主题	Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w17299
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/574974
推荐引用方式 GB/T 7714	Oliver D. Hart,Luigi Zingales. Inefficient Provision of Liquidity. 2011.