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Intermediary cost and coexistence puzzle
- Authors
- Kim, Young Sik; Lee, Manjong
- Issue Date
- 10월-2012
- Publisher
- ELSEVIER SCIENCE SA
- Keywords
- Intermediary cost; Interest-bearing asset; Coexistence puzzle
- Citation
- ECONOMICS LETTERS, v.117, no.1, pp.142 - 145
- Indexed
- SSCI
SCOPUS
- Journal Title
- ECONOMICS LETTERS
- Volume
- 117
- Number
- 1
- Start Page
- 142
- End Page
- 145
- ISSN
- 0165-1765
- Abstract
- The coexistence puzzle is explained via an interaction between intermediary cost and uncertainty with regards to consumption trade. If a trade opportunity as a buyer is more likely to arise, ex-ante net return on bond at the margin would be negative up to a certain amount of transactions and, therefore, agents are willing to hold money in the presence of an interest-bearing bond. (C) 2012 Elsevier B.V. All rights reserved.
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