通过沟通和知情交易稳定金融市场

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-02-26 DOI:10.1016/j.finmar.2024.100897

Qi Guo, Shao’an Huang, Gaowang Wang

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引用次数: 0

摘要

我们建立了一个信息披露的政府干预模型，在该模型中，政府通过两种私人信号直接在金融市场上进行交易，以稳定资产价格。政府通过知情交易进行干预可以稳定金融市场，并通过噪音渠道和信息渠道影响市场质量。信息披露通过恶化政府的信息优势对金融稳定产生负面影响，而其对市场质量的最终影响则取决于噪音效应和信息效应的相对大小。在不同的信息披露情况下，金融稳定和价格效率之间可能存在权衡。

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Stabilizing the financial markets through communication and informed trading

We develop a model of government intervention with information disclosure in which a government with two private signals trades directly in financial markets to stabilize asset prices. Government intervention through informed trading stabilizes financial markets and affects market quality through a noise channel and an information channel. Information disclosure negatively affects financial stability by deteriorating the information advantages of the government, while its final effects on market quality hinge on the relative sizes of the noise effect and the information effect. Under different information disclosure scenarios, there are potential tradeoffs between financial stability and price efficiency.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.