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Financial Intermediation in Economies with Investment Complementarities
2016
Social Science Research Network
This paper shows how to solve global games applied to macroeconomics and ...nance. We ascertain the roles of public and private information for the determination of a unique equilibrium, and discuss the informative role of market prices. We examine the impact of public information on social welfare, comparing models with and without complementarities at the aggregate level. Abstract This paper provides empirical evidence showing that industries with intense strategic complementarities exhibit
doi:10.2139/ssrn.2804178
fatcat:uuegalwkzbct5lkiurjtlms7h4