کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957128 928510 1996 25 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Run equilibria in the Green-Lin model of financial intermediation
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Run equilibria in the Green-Lin model of financial intermediation
چکیده انگلیسی
We study the Green-Lin model of financial intermediation [E.J. Green, P. Lin, Implementing efficient allocations in a model of financial intermediation, J. Econ. Theory 109 (2003) 1-23] under a more general specification of the distribution of types across agents. We derive the efficient allocation in closed form. We show that, in some cases, the intermediary cannot uniquely implement the efficient allocation using a direct revelation mechanism. In these cases, the mechanism also admits an equilibrium in which some (but not all) agents “run” on the intermediary and withdraw their funds regardless of their true liquidity needs. In other words, self-fulfilling runs can arise in a generalized Green-Lin model and these runs are necessarily partial, with only some agents participating.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 144, Issue 5, September 2009, Pages 1996-2020
نویسندگان
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