کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5100025 | 1377076 | 2006 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Markets do not select for a liquidity preference as behavior towards risk
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
Tobin (1958, The Review of Economic Studies 25, 65-86) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that in a model without consumption this assertion cannot be sustained when focusing on the evolution of the wealth of cash holders versus non-cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asset to transfer wealth. Similarly, in a model with a bond instead of cash, depending on the way consumption is modeled, bond holders do not survive in the presence of pure stock holders.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 2, February 2006, Pages 279-292
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 2, February 2006, Pages 279-292
نویسندگان
Thorsten Hens, Klaus Reiner Schenk-Hoppé,