Minimum Investment Requirements, Financial Market Globalization, and Symmetry Breaking
We incorporate wealth heterogeneity and the minimum investment requirements in the model of Matsuyama (2004, Econometrica) and provide a complete characterization of symmetry breaking. In particular, we identify the extensive margin of investment as a key channel through which the interest rate may...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2014
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/1699 https://ink.library.smu.edu.sg/context/soe_research/article/2698/viewcontent/MIR_FI.pdf |
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| Institution: | Singapore Management University |
| Language: | English |