Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/176098 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Texto para discussão No. 615
Verlag: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
Zusammenfassung: 
Popular press and some practitioners have warned against threats that buying risky assets pose on agents saving for retirement, children education and other uses. This paper shows that in a standard two-period general equilibrium model where some saver shave no risk-sharing motives, there exists a non-negligible set of economies (endowments) and equilibria at which every economic agent is better off if some risky assetsare added to riskless securities. Numerical examples actually show that the measure ofthe set of economies (endowments) with equilibrium allocations associated with trading risky assets that are Pareto superior to when there are only riskless assets can be larger than half the measure of the full set of economies.
Schlagwörter: 
general equilibrium
financial innovation
risky assets
JEL: 
D14
D53
E21
D44
G11
G18
Dokumentart: 
Working Paper

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