流動化概念と債権流動化(5)-交換経済における流動性と信用-

概要

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In this paper we examine the theoretical bridge between liquidity, credit and asset backed security market. With the first half of the paper, by considering Keynes' argument regarding the liquidity and credit developed in his“General Theory - chapter 17”，several theorems on liquidity and credit are derived in the general equilibrium framework. The implication toward the asset backed securities is demonstrated in the latter half. If we focus on the liquidity, the money and the goods are alternative in Keynes's world, on the other hand, compliment in the classics. From these discussion, we can establish the consistency between the theory of liquidity and the practical understandings of the asset backed security.
長崎大学の論文
2009-12-25