{"title":"Funding Externalities, Asset Prices and Investors' Search for Yield","authors":"Prasanna Gai, Kamakshya Trivedi","doi":"10.1111/j.1467-8586.2008.00293.x","DOIUrl":null,"url":null,"abstract":"This note presents a simple model that nests the “excess liquidity” and “savings glut” hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors’ ‘search for yield’ and shows how financial frictions influence asset price dynamics.","PeriodicalId":222585,"journal":{"name":"Wiley-Blackwell: Bulletin of Economic Research","volume":"434 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Wiley-Blackwell: Bulletin of Economic Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/j.1467-8586.2008.00293.x","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
This note presents a simple model that nests the “excess liquidity” and “savings glut” hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors’ ‘search for yield’ and shows how financial frictions influence asset price dynamics.
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