کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
956894 | 928497 | 2012 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Securities market theory: Possession, repo and rehypothecation
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Securities market theory: Possession, repo and rehypothecation Securities market theory: Possession, repo and rehypothecation](/preview/png/956894.png)
چکیده انگلیسی
By introducing repo markets we understand how agents need to borrow issued securities before shorting them: (re)-hypothecation is at the heart of shorting. Non-negative amounts of securities in the box of an agent (amounts borrowed or owned but not lent on) can be sold, and recursive use of securities as collateral allows agents to leverage their positions. A binding box constraint induces a liquidity premium: the repo rate becomes special and the security price higher than expected discounted cash-flows. Existence of equilibrium is guaranteed under limited re-hypothecation, a situation secured by (current or proposed) institutional arrangements.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 147, Issue 2, March 2012, Pages 477–500
Journal: Journal of Economic Theory - Volume 147, Issue 2, March 2012, Pages 477–500
نویسندگان
Jean-Marc Bottazzi, Jaime Luque, Mário R. Páscoa,