On the welfare equivalence of asset markets and banking in Diamond Dybvig economies

Zimper, Alexander

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dc.contributor.author	Zimper, Alexander
dc.date.accessioned	2014-02-24T07:07:42Z
dc.date.available	2014-02-24T07:07:42Z
dc.date.issued	2013-12
dc.description.abstract	Why do people choose bank deposit contracts over a direct participation in asset markets? In their seminal paper, Diamond and Dybvig’s (1983) answer this question by claiming that bank deposit contracts can implement allocations that are welfare superior to asset markets equilibria. The present paper demonstrates that this claim is false whenever the asset market participants are highly rational.	en_US
dc.description.librarian	hb2014	en_US
dc.description.uri	http://www.elsevier.com/locate/ecolet	en_US
dc.identifier.citation	Zimper, A 2013, 'On the welfare equivalence of asset markets and banking in Diamond Dybvig economies', Economics Letters, vol.121, no. 3, pp. 356-359.	en_US
dc.identifier.issn	0165-1765 (print)
dc.identifier.issn	1873-7374 (online)
dc.identifier.other	10.1016/j.econlet.2013.09.023
dc.identifier.uri	http://hdl.handle.net/2263/36672
dc.language.iso	en	en_US
dc.publisher	Elsevier	en_US
dc.rights	© 2013 Elsevier. All rights reserved. Notice : this is the author’s version of a work that was accepted for publication in Economics Letters. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Economics Letters, vol. 121, no.3, pp.356-359,2013. doi : 10.1016/j.econlet.2013.09.023	en_US
dc.subject	Demand deposit contract	en_US
dc.subject	Asset market	en_US
dc.subject	Asymmetric information	en_US
dc.title	On the welfare equivalence of asset markets and banking in Diamond Dybvig economies	en_US
dc.type	Postprint Article	en_US