Title of article
Intangiblecapital,relativeassetshortagesandbubbles
Author/Authors
Stefano Giglio، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
15
From page
303
To page
317
Abstract
Purelytechnologicalfactorscanbeafundamentalforcebehindtheemergenceofasset
price bubblesindevelopedeconomies.Weanalyzeaneconomyinwhichtheproduc-
tion technologyutilizesbothphysicalandintangiblecapital,wherethelattercannot
be usedascollateralforborrowing.Technologicalchange,intheformofincreased
importanceofintangiblecapitalinproduction,sharpenstheborrowingconstraintsof
entrepreneurs,leadingtoascarcityofhigh-yieldassetsrelativetolow-yieldones.This
can createtheconditionsforassetbubbles.Additionally,duetothefinancialfrictions,
standarddynamicefficiencytestsarenotvalid,andbubblesarenotParetoimproving
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846523
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