Exchange liquidity and redemption liquidity

IF 2 2区 经济学 Q2 ECONOMICS
J. Culham
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引用次数: 0

Abstract

Disagreements over the nature of money and consequent confusions regarding liquidity contribute to difficulties integrating monetary theory into the theory of value. For example, an abundance of market liquidity is assumed in asset pricing, whereas a scarcity of monetary liquidity is deemed necessary for consumer price-level determinacy. This paper builds on the insights gained from the evolution of finance to introduce a distinction between exchange liquidity and redemption liquidity as a means of resolving this conceptual dissonance. Both exchange and redemption liquidity can be conceptualised as types of financial option differing in the exercise mechanism offered to the option holder by the option-writer.
兑换流动性和赎回流动性
关于货币本质的分歧以及随之而来的关于流动性的困惑,造成了将货币理论整合到价值理论中的困难。例如,在资产定价中假定市场流动性充裕,而货币流动性的稀缺性则被认为是消费者价格水平确定性所必需的。本文基于从金融演变中获得的见解,介绍了交换流动性和赎回流动性之间的区别,作为解决这一概念失调的一种手段。交换流动性和赎回流动性都可以被概念化为期权出售者提供给期权持有人的不同行使机制的金融期权类型。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
4.30
自引率
5.00%
发文量
54
期刊介绍: The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues. Its focus includes: •the organisation of social production and the distribution of its product •the causes and consequences of gender, ethnic, class and national inequities •inflation and unemployment •the changing forms and boundaries of markets and planning •uneven development and world market instability •globalisation and international integration.
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