G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10708
DP10708 Endogenous Intermediation in Over-the-Counter Markets
Ana Babus
发表日期2015-07-12
出版年2015
语种英语
摘要We provide a theory of trading through intermediaries in OTC markets. The role of intermediaries is to sustain unsecured trade. When agents trade without collateral, total surplus can increase. In our model, traders are connected through a network. Agents observe their neighbors' actions, and can trade with their counterparty in a given period through a path of intermediaries in the network. If trade is unsecured, agents can renege on their obligations. We show that trading through a network is essential to support unsecured trade, when agents infrequently meet the same counterparty in the market. However, intermediaries must receive fees to have the incentive to implement unsecured trades. While trade without collateral can be sustained in many networks, the efficiency gains are higher in a star network. The center agent in a star can receive higher fees as well. Moreover, concentrated intermediation is a stable structure, when agents incur linking costs.
主题Financial Economics
关键词Over-the-counter trading Strategic default Dynamic network formation
URLhttps://cepr.org/publications/dp10708
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/539539
推荐引用方式
GB/T 7714
Ana Babus. DP10708 Endogenous Intermediation in Over-the-Counter Markets. 2015.
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