| 言語種別 | 英語 |
|---|---|
| 発行・発表の年月 | 2015/03 |
| 形態種別 | 【論文】研究論文（学術雑誌）＜査読あり＞ |
| 査読 | 査読あり |
| 標題 | Limited Market Participation, Financial Intermediation, and Consumption Smoothing |
| 執筆形態 | 単著 |
| 掲載誌名 | International Journal of Economics and Finance |
| 出版社・発行元 | Canadian Center of Science and Education |
| 巻・号・頁 | 7(3) |
| 概要 | This paper examines the role of financial intermediaries to provide desirable deposit contracts in an overlapping generation economy where consumers are exposed to preference shocks and exogenous limited market participation. It is impossible for agents to obtain perfect risk-sharing opportunities in an imperfect secondary market while financial intermediaries can provide intra-generation risk-sharing against limited market participation. In addition, by setting up a saving stage, posterity is able to receive inter-generation risk-sharing and they can perfectly smooth consumption patterns in spite of the existence of preference shocks. |