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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/71641


    Title: INCOME INEQUALITY AND SECURITY MARKET
    Authors: 胡聯國
    Hu,Len-kuo
    Contributors: 國貿系
    Keywords: Income inequality;Security market;Risk neutral probability;Credit constraint;Heterogeneous belief
    Date: 2001.06
    Issue Date: 2014-11-24 17:08:56 (UTC+8)
    Abstract: Witnessing the clear ascendancy of private enterprise alongside a tendency for its ownership benefits to flow into the hands of a few, we examine how this dramatic shift in ownership pattern relates to our security market. Drawing upon a two-period two-asset consumption investment model, we conclude that the existence of a security market will unambiguously reduce the variance of wealth distribution unless some credit constraint is imposed on poor investors while the wealthy can unlimitedly sell their securities short in the bear market. If a short sale is also banned on the wealthy investors, then we need to resort to investors’ heterogeneous beliefs of the prospect of risky investment as the legitimate reason for income inequality. To stem the deterioration of a widening wealth gap, a more direct and fair information disclosure mechanism has to be installed. An empirical study based on this model is thus conducted
    Relation: ACADEMIA ECONOMIC PAPERS,29(2),185-220
    Data Type: article
    Appears in Collections:[國際經營與貿易學系 ] 期刊論文

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