| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13093 |
| DP13093 Inventory Management, Dealers' Connections, and Prices in OTC Markets | |
| Jean-Edouard Colliard; Thierry Foucault; Peter Hoffmann | |
| 发表日期 | 2018-07-31 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We propose a new model of interdealer trading. Dealers trade together to reduce their inventory holding costs. Core dealers share these costs efficiently and provide liquidity to peripheral dealers, who have heterogeneous access to core dealers. We derive predictions about the effects of peripheral dealers' connectedness to core dealers and the allocation of aggregate inventories between core and peripheral dealers on the distribution of interdealer prices, the efficiency of interdealer trades, and trading costs for the dealers' clients. For instance, the dispersion of interdealer prices is higher when fewer peripheral dealers are connected to core dealers or when their aggregate inventory is higher. |
| 主题 | Financial Economics |
| 关键词 | Otc markets Interdealer trading Inventory management |
| URL | https://cepr.org/publications/dp13093 |
| 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/541898 |
| 推荐引用方式 GB/T 7714 | Jean-Edouard Colliard,Thierry Foucault,Peter Hoffmann. DP13093 Inventory Management, Dealers' Connections, and Prices in OTC Markets. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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