| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10747 |
| DP10747 Cash Providers: Asset Dissemination over Intermediation Chains | |
| Gabrielle Demange; Jean-Edouard Colliard | |
| 发表日期 | 2015-08-02 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Many financial assets are disseminated to final investors via chains of over-the-counter transactions between intermediaries (dealers). We model such an intermediation process as a game with successive take-it-or-leave-it offers: An agent buying some units of an asset can offer to sell part of the volume to another OTC partner, and so on. At the equilibrium of this game, the length of intermediation chains, the terms of trade (prices and units sold) and their pattern along a chain are endogenously determined. Our model thus gives a framework to analyze how intermediation chains impact an asset's market liquidity, its issuance, and who ultimately holds the asset. |
| 主题 | Financial Economics |
| 关键词 | Dealer markets Intermediation chains Liquidity Otc markets |
| URL | https://cepr.org/publications/dp10747 |
| 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/539578 |
| 推荐引用方式 GB/T 7714 | Gabrielle Demange,Jean-Edouard Colliard. DP10747 Cash Providers: Asset Dissemination over Intermediation Chains. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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