The Economics of Over-the-Counter Markets

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Sprache: Englisch

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Beschreibung

An essential primer on an important yet understudied type of financial marketMany of the largest financial markets in the world do not organize trade through an exchange but rather operate within a decentralized or over-the-counter (OTC) structure. Understanding how these markets work has become increasingly important in recent years, as illiquidity in certain OTC markets has appeared as the first signs of trouble-if not the cause itself-of the past two financial crises. However, standard models of financial markets are not suitable for studying the causes of illiquidity in OTC markets, nor the optimal policy response. The Economics of Over-the-Counter Markets proposes a unified search-theoretic framework designed to explicitly capture the key features of OTC markets, confront the growing set of stylized facts from these markets, and provide guidance for policies designed to promote liquidity and resiliency. This incisive book covers empirical regularities that are common across OTC markets, develops the methodological tools to analyze the benchmark theoretical models in the academic literature, and extends these models to confront the latest issues facing these markets. Covers a broad range of topics, including asset pricing, liquidity, transaction costs, asymmetric information, financial crises, and market designAn ideal textbook for graduate students in economics and financeAn invaluable resource for policymakers seeking a framework to assess the impact of new developments in fixed-income and short-term funding markets

Über den Autor

Julien Hugonnier is professor of finance at the École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland. Benjamin Lester is a senior economic advisor and economist at the Federal Reserve Bank of Philadelphia. Pierre-Olivier Weill is professor of economics at the University of California, Los Angeles.

Erscheinungsjahr:	2025
Fachbereich:	Betriebswirtschaft
Genre:	Importe , Wirtschaft
Rubrik:	Recht & Wirtschaft
Medium:	Buch
Inhalt:	Einband - fest (Hardcover)
ISBN-13:	9780691236285
ISBN-10:	0691236283
Sprache:	Englisch
Einband:	Gebunden
Autor:	Lester, Benjamin Hugonnier, Julien Weill, Pierre-Olivier
Hersteller:	Princeton University Press
Verantwortliche Person für die EU:	Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de
Maße:	234 x 155 x 15 mm
Von/Mit:	Benjamin Lester (u. a.)
Erscheinungsdatum:	08.07.2025
Gewicht:	0,666 kg

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