Capital constraints and asset bubbles: An experimental study

被引：3
|
作者：
Coppock, Lee A. [1 ]
Harper, Daniel Q. [1 ]
Holt, Charles A. [1 ]
机构：
[1] Univ Virginia, Econ, Charlottesville, VA 22904 USA
来源：
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2021年 / 183卷
关键词：
Asset prices; Bubbles; Speculation; Leverage; Margin requirements;
D O I：
10.1016/j.jebo.2020.10.024
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper evaluates the effects of credit constraints in an asset market experiment with present value considerations induced by interest payments on cash. All markets exhibit price bubbles, with peak prices exceeding the present value of dividends and redemptions by 30-130%. Starting with a baseline condition (low income, tight credit), a relaxation of credit constraints generates significantly higher price bubbles. A price increase of similar magnitude results from an increase in exogenous income, holding credit tightness constant. (C) 2021 Elsevier B.V. All rights reserved.
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页码：75 / 88
页数：14
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