The Elastic Provision of Liquidity by Private Agents

被引：0
|
作者：
Saunders, Drew [1 ]
机构：
[1] Purdue Univ, Krannert Sch Management, Dept Econ, W Lafayette, IN 47907 USA
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2009年 / 41卷 / 07期
关键词：
E22; E44; E51; liquidity; liquidity provision; liquidity elasticity; NET WORTH; CORPORATE; COSTS;
D O I：
10.1111/j.1538-4616.2009.00262.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I study a model of investment by financially constrained firms that are heterogeneous with respect to their exposure to an aggregate liquidity shock. A firm that is susceptible to the shock will mitigate its exposure by purchasing claims issued by a firm that is not. Liabilities of an unaffected firm may earn a liquidity premium due to their fungibility, and because they are backed by productive investment, their supply is elastic to the demand. This segmentation implies that an aggregate liquidity shock has different consequences across sectors of the economy.
引用
收藏
页码：1423 / 1451
页数：29
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