Showing 1 - 9 of 9
Persistent link: https://www.econbiz.de/10010478768
When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...
Persistent link: https://www.econbiz.de/10009636542
Persistent link: https://www.econbiz.de/10010343060
Persistent link: https://www.econbiz.de/10010478775
Persistent link: https://www.econbiz.de/10009639916
Persistent link: https://www.econbiz.de/10009640491
Persistent link: https://www.econbiz.de/10009640492
Persistent link: https://www.econbiz.de/10009640494
This paper analyzes the efficiency of risk-taking decisions in an economy that is prone to systemic risk, captured by financial amplification effects that occur in response to strong adverse shocks. It shows that decentralized agents who have unconstrained access to a complete set of Arrow...
Persistent link: https://www.econbiz.de/10009640834