Asset Illiquidity and Market Shutdowns in Competitive Equilibrium

This paper introduces asymmetric information into a competitive asset market in a dynamic general-equilibrium model with borrowing constraints. In the presence of borrowing constraints, asset sales become a crucial means for agents to finance opportunities to invest in new assets. In this environmen...

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Bibliographic details
Volume: 15
Main Author: Tomura, Hajime
Format: Journal Article
Language: English
Place of publication: Elsevier for the Society for Economic Dynamics 2012
published in: Review of Economic Dynamics Vol. 15; no. 3; pp. 283 - 294
Data of publication: 2012
Series: Review of Economic Dynamics
Subjects:
Online Access: available in Bonn?
Database: RePEc
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