Liquidity and ambiguity: banks or asset markets?

We study the impact of ambiguity on two alternative institutions of financial intermediation in an economy where consumers face uncertain liquidity needs. The ambiguity the consumers experience is modeled by the degree of confidence in their additive beliefs. We analyze the optimal liquidity allocat...

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Hauptverfasser: Eichberger, Jürgen (VerfasserIn) , Spanjers, Willy (VerfasserIn)
Dokumenttyp: Book/Monograph Arbeitspapier
Sprache:Englisch
Veröffentlicht: Heidelberg University of Heidelberg, Department of Economics June 2007
Ausgabe:This version June 2007
Schriftenreihe:Discussion paper series / Universität Heidelberg, Department of Economics no. 444
In: Discussion paper series (no. 444)

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Online-Zugang:Resolving-System, Volltext: http://hdl.handle.net/10419/127259
Verlag, Volltext: http://www.awi.uni-heidelberg.de/with2/Discussion%20papers/papers/dp444.pdf
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Verfasserangaben:Jürgen Eichberger and Willy Spanjers
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