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Efficiency on the dynamic adjustment path in a financial market

机译：金融市场动态调整路径的效率

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摘要

The invisible hand of a perfectly competitive financial market refers to the self-regulating behavior of the market where if each consumer and producer of funds is allowed to freely make their own choices, the market settles at an efficient outcome which is beneficial to all the individual members of the society and hence to the society as a whole. Two well-known facets of the invisible hand are generally mentioned in the economics and finance literature - the first one is a static picture of a perfectly competitive market, i.e., a competitive market is efficient in an equilibrium; and the second one is that if the competitive market is disturbed from its equilibrium position, in the absence of a market failure and frictions, the market automatically settles at a new efficient equilibrium. This paper takes into account a third facet, i.e., how efficient is a perfectly competitive financial market on the dynamic adjustment path after an economic shock in the absence of all kinds of frictions and interest rate rigidities. We conclude that coordinated actions of economic agents can result in a level of economic efficiency on the dynamic adjustment path which is not achievable by a free market mechanism.
机译：一个完美竞争力的金融市场的隐形手是指市场的自我调节行为，如果每个消费者和生产者都被允许自由地做出自己的选择，市场将在一个有效的结果中定居，这对所有人有利于所有人社会成员，因此整个社会。经济学和财经文献中一般提到了两种知名手中的公知方面 - 第一个是一个完美竞争的市场的静态图片，即，竞争市场在均衡中有效;第二个是，如果竞争市场从其均衡位置受到干扰，因此在没有市场故障和摩擦的情况下，市场将在新的高效均衡中自动定居。本文考虑了第三个方面，即，在缺乏各种摩擦和利率严格的情况下经济冲击后，在经济休克后的动态调整道路上有多竞争力的金融市场。我们得出结论，经济转让的协调行动可能导致动态调整路径的经济效率水平，这是一个免费的市场机制无法实现的。

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