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portfolios, but liquidity comes at a cost: inflation. The OTC market serves as a secondary asset market, in which agents can … rebalance their positions depending on their liquidity needs. Hence, a contribution of our paper is to provide a micro …
Persistent link: https://www.econbiz.de/10010826376
rates of return to compensate agents for their relative lack of liquidity. Consistent with empirical findings, our model …
Persistent link: https://www.econbiz.de/10010826388
by the degree of liquidity in the secondary asset market. …
Persistent link: https://www.econbiz.de/10011093808