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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/71641

Please use this identifier to cite or link to this item: https://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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