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 |
|---|---|
| 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 1 |
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)