| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30270 |
| 来源ID | Working Paper 30270 |
| Liquidity, Financial Centrality, and the Value of Key Players | |
| Arun G. Chandrasekhar; Robert Townsend; Juan Pablo Xandri | |
| 发表日期 | 2022-07-25 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Consider an economy in which agents face income risk but interact in a stochastic financial network where the randomness is dictated by both chance and choice. We study the financial centrality of an agent defined as the ex-ante marginal social value of providing a small liquid asset to that agent. We show financially central agents are not only those who are linked often, but are more likely to be linked when (i) the realized network is fragmented, (ii) income risk is high, (iii) shocks are positively correlated, (iv) attitudes toward risk are more sensitive in the aggregate, and (v) there are tail risks. We apply our framework to models of financial markets with participation shocks, supply chains subject to disruptions, and village risk-sharing networks. We also study how the stochastic financial network structure influences bargaining, thereby endogenizing Pareto weights in the planner's problem. Evidence from Thai villages is consistent with these bargaining foundations, showing that agents who are more central indeed receive greater Pareto weight. We conclude by examining the welfare consequences of targeting larger liquid assets to key traders in markets, and to the most liquidity-sensitive links in supply chains. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Money and Interest Rates ; Financial Economics ; Industrial Organization ; Market Structure and Firm Performance ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w30270 |
| 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/587943 |
| 推荐引用方式 GB/T 7714 | Arun G. Chandrasekhar,Robert Townsend,Juan Pablo Xandri. Liquidity, Financial Centrality, and the Value of Key Players. 2022. |
| 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 | ||
| w30270.pdf（768KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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