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This paper analyzes the possibility and the consequences of rational bubbles in a dy- namic economy where financially constrained firms demand and supply liquidity. Bub- bles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of...
Persistent link: https://www.econbiz.de/10012461908
implications of the theory. It shows that government may be able to boost aggregate liquidity and enhance economic efficiency by …
Persistent link: https://www.econbiz.de/10012472137