?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F3261%2F&rft.title=Bubbly+Liquidity&rft.creator=Farhi%2C+Emmanuel&rft.creator=Tirole%2C+Jean&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=This+paper+analyzes+the+possibility+and+the+consequences+of+asset+price+overvaluation+in+a+dynamic+economy+where+financially+constrained+firms+demand+and+supply+liquidity.+Bubbles+are+more+likely+to+emerge%2C+the+scarcer+the+supply+of+outside+liquidity+and+the+more+limited+the+pledgeability+of+corporate+income%3B+they+crowd+investment+in+(out)+when+liquidity+is+abundant+(scarce).+We+analyze+the+economic+implications+of+firm+heterogeneity%2C+endogenous+corporate+governance%2C+and+stochastic+bubbles.+Finally+we+draw+some+implications+for+the+way+public+policy+could+react+to+bubbles.&rft.publisher=TSE+Working+Paper&rft.date=2009-10&rft.type=Monograph&rft.type=NonPeerReviewed&rft.identifier=++Farhi%2C+Emmanuel+%3Chttps%3A%2F%2Fwww.idref.fr%2F102558620%3E+and+Tirole%2C+Jean+%3Chttps%3A%2F%2Fwww.idref.fr%2F028736036%3E++(2009)+Bubbly+Liquidity.++TSE+Working+Paper%2C+n.+09-101+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F21965&rft.language=en