| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10237 |
| 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 |
| URL | https://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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