{"title":"融资外部性、资产价格与投资者对收益的追求","authors":"Prasanna Gai, Kamakshya Trivedi","doi":"10.1111/j.1467-8586.2008.00293.x","DOIUrl":null,"url":null,"abstract":"This note presents a simple model that nests the “excess liquidity” and “savings glut” hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors’ ‘search for yield’ and shows how financial frictions influence asset price dynamics.","PeriodicalId":222585,"journal":{"name":"Wiley-Blackwell: Bulletin of Economic Research","volume":"434 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Funding Externalities, Asset Prices and Investors' Search for Yield\",\"authors\":\"Prasanna Gai, Kamakshya Trivedi\",\"doi\":\"10.1111/j.1467-8586.2008.00293.x\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This note presents a simple model that nests the “excess liquidity” and “savings glut” hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors’ ‘search for yield’ and shows how financial frictions influence asset price dynamics.\",\"PeriodicalId\":222585,\"journal\":{\"name\":\"Wiley-Blackwell: Bulletin of Economic Research\",\"volume\":\"434 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2009-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Wiley-Blackwell: Bulletin of Economic Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/j.1467-8586.2008.00293.x\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Wiley-Blackwell: Bulletin of Economic Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/j.1467-8586.2008.00293.x","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Funding Externalities, Asset Prices and Investors' Search for Yield
This note presents a simple model that nests the “excess liquidity” and “savings glut” hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors’ ‘search for yield’ and shows how financial frictions influence asset price dynamics.
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