抄録
This study considers how to implement an efficient allocation of a financial intermediation model, including liquidation costs. The main result shows that there is a mechanism such that, for any liquidation cost, an efficient allocation is implementable in strictly dominant strategies. There is no need for third-party assistance, such as deposit insurance. In addition, the mechanism is tolerant of a small, unexpected shock caused by premature withdrawals.
本文言語 | English |
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ページ(範囲) | 63-72 |
ページ数 | 10 |
ジャーナル | B.E. Journal of Theoretical Economics |
巻 | 15 |
号 | 1 |
DOI | |
出版ステータス | Published - 2014 12月 1 |
ASJC Scopus subject areas
- 経済学、計量経済学および金融学(全般)