财务拥挤

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-11-01 DOI:10.1016/j.finmar.2024.100933

Deniz Okat

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引用次数: 0

摘要

当个人知道他们可以在需要资金时随时出售其投资时，他们的投资动机就会增强。然而，投资的增加也可能导致总回报的减少，因为这会加剧个人在投资时相互施加的负外部性。因此，建立一个允许个人进行资产交易的金融市场可能会降低福利，因为这会放大这些负外部性，并导致次优投资决策。

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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Financial congestion

Individuals have an increased incentive to invest when they know that they can sell their investments whenever they need funds. However, this increase in investments can also lead to a reduction in aggregate returns, as it exacerbates the negative externalities that individuals impose on each other whenever they invest. As a result, setting up a financial market that allows individuals to trade their assets may reduce welfare as it can amplify these negative externalities and lead to suboptimal investment decisions.

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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.