英文摘要 |
How transparency in financial market influences equilibrium condition, ad hoc multiplicity, is rarely to explore. This study focuses on the market-clearing condition, based on a noisy rational expectations equilibrium and using the global game technique to proposes a policy effect and the variant of equilibrium in financial market. The after which conclusions can be drawn if transparent policy in financial market is implemented. First, the precision of endogenous public signals is positively related to that of private signals. Second, irrespective of exogenous or endogenous dividend, multiple equilibriums are perfectly decided by the relative price elasticity of asset supply and demand. Thirdly, all else equal, regardless of the precision of private signals of uninformed traders, financial market transparency cannot prevent from the vanishing of multiplicity under exogenous dividend return. Finally, when dividend return is endogenous, the unique equilibrium condition is partly determined by the precision of private signals from uninformed traders rather than perfectly by a policy of market transparency. |