FINANCIAL INNOVATION IN A GENERAL EQUILIBRIUM-MODEL
成果类型：
Article
署名作者：
PESENDORFER, W
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1003
发表日期：
1995
页码：
79-116
关键词：
摘要：
We develop a model of financial innovation, in which intermediaries can issue new financial securities against collateral in the form of standard securities. Intermediaries have to market their innovations and marketing is costly. We show that the equilibrium asset structure may exhibit redundancies as frequently observed on financial markets. We give conditions for efficiency of financial innovation and show that with small innovation costs the indeterminacy of equilibrium allocations has small utility consequences. Journal of Economic Literature Classification numbers: D52, G10. (C) 1995 Academic Press, Inc.