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The paradox of liquidity / Stewart C. Myers, Raghuram G. Rajan.
- Myers, Stewart C. (author)
- Rajan, Raghuram (author)
- Cambridge, Mass. National Bureau of Economic Research, 1995
- English 40, [3] s.
- Series: Working paper series / National Bureau of Economic Research, 99-0429337-6 ; 5143
- swepub:Mat__t
Abstract
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- The more liquid a company's assets, the greater their value in a short-notice liquidation. Liquid assets are generally viewed as increasing debt capacity, other things being equal. This paper focusses on the dark side of liquidity: greater liquidity reduces the ability of borrowers to commit to a specific course of action. It examines the effects of differences in asset liquidity on debt capacity. It suggests an alternative theory of financial intermediation and disintermediation.
Subject headings
- Liquidity (Economics) (LCSH)
Publication and Content Type
- 332 (DDC)
- Qae (kssb/8 (machine generated))
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