Non-Commitment and Savings in Dynamic Risk-Sharing Contracts
dc.contributor.author | Gobert, Karine | |
dc.contributor.author | Poitevin, Michel | |
dc.date.accessioned | 2006-09-22T19:55:53Z | |
dc.date.available | 2006-09-22T19:55:53Z | |
dc.date.issued | 1998 | |
dc.identifier.uri | http://hdl.handle.net/1866/456 | |
dc.format.extent | 995992 bytes | |
dc.format.mimetype | application/pdf | |
dc.publisher | Université de Montréal. Département de sciences économiques. | fr |
dc.subject | épargne | |
dc.subject | consommation | |
dc.subject | partage de risque dynamique | |
dc.subject | non-engagement | |
dc.subject | savings | |
dc.subject | consumption | |
dc.subject | dynamic risk sharing | |
dc.subject | non-commitment | |
dc.subject | [JEL:E20] Macroeconomics and Monetary Economics - Consumption, Saving, Production, Employment, and Investment - General | en |
dc.subject | [JEL:E21] Macroeconomics and Monetary Economics - Consumption, Saving, Production, Employment, and Investment - Macroeconomics: Consumption; Saving; Aggregate Physical and Financial Consumer Wealth | en |
dc.subject | [JEL:E20] Macroéconomie et économie monétaire - Consommation, épargne, production, emploi et investissement - Généralités | fr |
dc.subject | [JEL:E21] Macroéconomie et économie monétaire - Consommation, épargne, production, emploi et investissement - Épargne et consommation | fr |
dc.title | Non-Commitment and Savings in Dynamic Risk-Sharing Contracts | |
dc.type | Article | |
dc.contributor.affiliation | Université de Montréal. Faculté des arts et des sciences. Département de sciences économiques | |
dcterms.abstract | We characterize the solution to a model of consumption smoothing using financing under non-commitment and savings. We show that, under certain conditions, these two different instruments complement each other perfectly. If the rate of time preference is equal to the interest rate on savings, perfect smoothing can be achieved in finite time. We also show that, when random revenues are generated by periodic investments in capital through a concave production function, the level of smoothing achieved through financial contracts can influence the productive investment efficiency. As long as financial contracts cannot achieve perfect smoothing, productive investment will be used as a complementary smoothing device. | |
dcterms.abstract | Nous caractérisons la solution d'un modèle de lissage de la consommation avec financement externe sujet à des contraintes d'engagement et épargne. Nous démontrons que, sous certaines conditions, l'épargne et le financement externe se complètent parfaitement. Si le taux d'escompte est égal au taux d'intérêt, on obtient en temps fini un lissage parfait. Nous démontrons également que le lissage obtenu sur les marchés financiers affecte l'investissement en capital physique. Lorsque le lissage est imparfait, l'investissement est utilisé pour des fins de lissage. | |
dcterms.isPartOf | urn:ISSN:0709-9231 | |
UdeM.VersionRioxx | Version publiée / Version of Record | |
oaire.citationTitle | Cahier de recherche | |
oaire.citationIssue | 9806 |
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