FINANCE AND THE PRESERVATION OF WEALTH

• 成果类型: Article
• 署名作者: Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert
• 署名单位: Bocconi University; Harvard University; University of Chicago
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qju012
• 发表日期: 2014
• 页码: 1221-1254
• 关键词: growth; industry; CRISIS; trust

摘要

We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (Money Doctors, Journal of Finance, forthcoming 2015) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs to trusting investors. In this model, the ratio of financial income to GDP increases with the ratio of aggregate wealth to GDP. Both rise along the convergence path to steady state growth. We examine several further implications of the model for management fees, unit costs of finance, and the consequences of shocks to trust and to the capital stock.