On the instability of private intertemporal liquidity provision

被引：1
|
作者：
Dietrich, Diemo [1 ]
Gehrig, Thomas [2 ,3 ,4 ,5 ]
机构：
[1] Newcastle Univ, Frederick Douglass Ctr, 2 Sci Sq, Newcastle Upon Tyne NE4 5TG, Tyne & Wear, England
[2] Univ Vienna, Vienna, Austria
[3] CEPR, London, England
[4] ECGI, Brussels, Belgium
[5] VGSF, Vienna, Austria
来源：
ECONOMICS LETTERS | 2021年 / 209卷
关键词：
Liquidity insurance; Instability; Overlapping generations; Market incompleteness; BANK RUNS; MARKETS;
D O I：
10.1016/j.econlet.2021.110117
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The provision of intertemporal liquidity by banks is known to be subject to coordination failures. We establish that asset markets providing intertemporal liquidity are also inherently unstable. These findings challenge the notion of an optimal private provision of liquidity. (C) 2021 Elsevier B.V. All rights reserved.
引用
收藏
页数：3
相关论文
共 50 条
  • [1] The Elastic Provision of Liquidity by Private Agents
    Saunders, Drew
    JOURNAL OF MONEY CREDIT AND BANKING, 2009, 41 (07) : 1423 - 1451
  • [2] On the Private Provision of Intertemporal Public Goods with Stock Effects
    Gerber, Anke
    Wichardt, Philipp C.
    ENVIRONMENTAL & RESOURCE ECONOMICS, 2013, 55 (02): : 245 - 255
  • [3] On the Private Provision of Intertemporal Public Goods with Stock Effects
    Anke Gerber
    Philipp C. Wichardt
    Environmental and Resource Economics, 2013, 55 : 245 - 255
  • [4] Liquidity provision during the crisis of 1914: Private and publicsourcesMargaret
    Jacobson, Margaret M.
    Tallman, Ellis W.
    JOURNAL OF FINANCIAL STABILITY, 2015, 17 : 22 - 34
  • [5] Public versus private provision of liquidity: Is there a trade-off?
    Roehrs, Sigrid
    Winter, Christoph
    JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 2015, 53 : 314 - 339
  • [6] Private and public liquidity provision in over-the-counter markets
    Arseneau, David M.
    Rappoport, David E. W.
    Vardoulakis, Alexandros P.
    THEORETICAL ECONOMICS, 2020, 15 (04) : 1669 - 1712
  • [7] Liquidity Provision and Liquidity Management
    Li Yuan-ya
    PROCEEDINGS OF 2009 INTERNATIONAL CONFERENCE ON PUBLIC ADMINISTRATION (5TH), VOL I, 2009, : 804 - 808
  • [8] Inefficient liquidity provision
    John Geanakoplos
    Kieran James Walsh
    Economic Theory, 2018, 66 : 213 - 233
  • [9] Inefficient liquidity provision
    Geanakoplos, John
    Walsh, Kieran James
    ECONOMIC THEORY, 2018, 66 (01) : 213 - 233
  • [10] BANKING AS THE PROVISION OF LIQUIDITY
    FREEMAN, S
    JOURNAL OF BUSINESS, 1988, 61 (01): : 45 - 64
12345