Libri di Willy Spanjers - libri Rivista internazionale di Scienze Sociali

Willy Spanjers

Author's titles

Liquidity and Ambiguity: Banks or Asset Markets? digital Liquidity and Ambiguity: Banks or Asset Markets?
Year: 2023
This paper studies the impact of incalculable risk (i.e. ambiguity) on two alternative institutional arrangements for financial intermediation in an economy where consumers face uncertain liquidity needs. The ambiguity the consumers experience is modeled by their degree of confidence in their additive beliefs. The optimal liquidity allocation and two institutional arrangements for implementing this allocation are analyzed: a secondary asset market and a competitive banking sector...
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