| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21118 |
| 来源ID | Working Paper 21118 |
| Liquidity as Social Expertise | |
| Pablo Kurlat | |
| 发表日期 | 2015-04-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper proposes a theory of liquidity dynamics. Illiquidity results from asymmetric information. Observing the historical track record teaches agents how to interpret public information and helps overcome information asymmetry. There can be an illiquidity trap: too much asymmetric information leads to the breakdown of trade, which interrupts learning and perpetuates illiquidity. Liquidity falls in response to unexpected events that lead agents to question their valuation models, especially in newer markets, may be slow to recover after a crisis and is higher in periods of stability. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w21118 |
| 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/578793 |
| 推荐引用方式 GB/T 7714 | Pablo Kurlat. Liquidity as Social Expertise. 2015. |
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