G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10237
DP10237 Dealer Networks
Norman Schürhoff; Dan Li
发表日期2014-11-09
出版年2014
语种英语
摘要Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation chains and speeds up trading. Investors face a tradeoff between execution speed and cost. Central dealers provide immediacy by pre-arranging fewer trades and holding larger inventory. However, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort.
主题Financial Economics
关键词Decentralization Immediacy Liquidity Market quality Municipal bonds Network analysis Over-the-counter financial market Trading cost transparency
URLhttps://cepr.org/publications/dp10237
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/539070
推荐引用方式
GB/T 7714
Norman Schürhoff,Dan Li. DP10237 Dealer Networks. 2014.
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