منابع مشابه
Outside and Inside Liquidity∗
We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside liquidity). The question we address is, what determines the mix of inside and outside liquidity in equilibrium? An important source of inefficiency in our model...
متن کاملInside and Outside Liquidity∗
We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside liquidity). The questions we address are: (a) what determines the mix of inside and outside liquidity in equilibrium? (b) does the market provide an efficient m...
متن کاملInside Liquidity
We study a model in which a special role for safe, short-term assets in facilitating financial intermediation encourages the private sector to issue these assets to supplement the public supply of safe, short-term assets, even though their role in providing liquidity can be put in jeopardy during financial panics that lead agents to question the low-risk nature of these assets. During “normal” ...
متن کاملIn-Between Space, Dialectic of Inside and Outside in Architecture
Defining space by dividing it to inside and outside is one of human’s ways to recognize his positionin environment. Architecture is created to response to this need for inside/outside spaces. Design of inside and outsideSpaces and relation between them always has been one of necessities for definition and limitation of human livingspaces, but little attention to relation of this two spatial rea...
متن کاملOutside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
When agents are liquidity constrained, two options exist sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy with inside bonds...
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ژورنال
عنوان ژورنال: The Quarterly Journal of Economics
سال: 2011
ISSN: 0033-5533,1531-4650
DOI: 10.1093/qje/qjq007