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Financial intermediation versus stock markets in a dynamic intertemporal model

Author: Bhattacharya, Sudipto ; Fulghieri, Paolo ; Rovelli, RiccardoINSEAD Area: Finance Series: Working Paper ; 98/07/FIN Publisher: Fontainebleau : INSEAD, 1998.Language: EnglishDescription: 42 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: We consider the transitions among intragenerational and alternative intergenerational financing and liquidity risk-sharing mechanisms in an overlapping generations model with endogenous levels of long-lived investmnts. The existence and characterization of a self-sustaining mechanism, stable across generations are established. The long-run equilibrium outcome in a proposal game across generations is shown to depend on the risk-aversion and propensity for early liquidity needs of agents
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We consider the transitions among intragenerational and alternative intergenerational financing and liquidity risk-sharing mechanisms in an overlapping generations model with endogenous levels of long-lived investmnts. The existence and characterization of a self-sustaining mechanism, stable across generations are established. The long-run equilibrium outcome in a proposal game across generations is shown to depend on the risk-aversion and propensity for early liquidity needs of agents

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