| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19117 |
| 来源ID | Working Paper 19117 |
| Finance and the Preservation of Wealth | |
| Nicola Gennaioli; Andrei Shleifer; Robert W. Vishny | |
| 发表日期 | 2013-06-13 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (2012) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs to trusting investors. In this model, the size of the financial sector rises with aggregate wealth, and wealth grows relative to GDP. As a consequence, the ratio of financial income to GDP rises over time, even though fees for given financial services decline. Because the size of the financial sector fluctuates with changes in investor trust, the model can account for the sharp decline of finance in the Great Depression, as well as its slow recovery afterwards. Entry by financial intermediaries as wealth increased in recent years may have further deepened investor trust and encouraged growth of financial income. |
| 主题 | Microeconomics ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w19117 |
| 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/576792 |
| 推荐引用方式 GB/T 7714 | Nicola Gennaioli,Andrei Shleifer,Robert W. Vishny. Finance and the Preservation of Wealth. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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