金融中介
业务
杠杆(统计)
中介的
现金流
金融创新
金融脆弱性
金融市场
脆弱性
金融体系
经纪商
财务
现金
经济
金融危机
化学
物理化学
机器学习
计算机科学
宏观经济学
作者
Nicola Gennaioli,Andrei Shleifer,Robert W. Vishny
标识
DOI:10.1016/j.jfineco.2011.05.005
摘要
We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to the safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.
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