| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9403 |
| DP9403 The Market for OTC Derivatives | |
| Andy Atkeson; Andrea Eisfeldt; Pierre-Olivier Weill | |
| 发表日期 | 2013-03-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We develop a model of equilibrium entry, trade, and price formation in over-the-counter (OTC) markets. Banks trade derivatives to share an aggregate risk subject to two trading frictions: they must pay a fixed entry cost, and they must limit the size of the positions taken by their traders because of risk-management concerns. Although all banks in our model are endowed with access to the same trading technology, some large banks endogenously arise as "dealers,'' trading mainly to provide intermediation services, while medium sized banks endogenously participate as ``customers'' mainly to share risks. We use the model to address positive questions regarding the growth in OTC markets as trading frictions decline, and normative questions of how regulation of entry impacts welfare. |
| 主题 | Financial Economics |
| 关键词 | Credit default swaps Dealers Otc markets |
| URL | https://cepr.org/publications/dp9403 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538239 |
| 推荐引用方式 GB/T 7714 | Andy Atkeson,Andrea Eisfeldt,Pierre-Olivier Weill. DP9403 The Market for OTC Derivatives. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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