| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18912 |
| 来源ID | Working Paper 18912 |
| The Market for OTC Derivatives | |
| Andrew G. Atkeson; Andrea L. Eisfeldt; Pierre-Olivier Weill | |
| 发表日期 | 2013-03-21 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We develop a model of equilibrium entry, trade, and price formation in over-the- counter (OTC) markets. Banks trade derivatives to share an aggregate risk subject to two trading frictions: they must pay a fixed entry cost, and they must limit the size of the positions taken by their traders because of risk-management concerns. Although all banks in our model are endowed with access to the same trading technology, some large banks endogenously arise as "dealers," trading mainly to provide intermediation services, while medium sized banks endogenously participate as "customers" mainly to share risks. We use the model to address positive questions regarding the growth in OTC markets as trading frictions decline, and normative questions of how regulation of entry impacts welfare. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics |
| URL | https://www.nber.org/papers/w18912 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576587 |
| 推荐引用方式 GB/T 7714 | Andrew G. Atkeson,Andrea L. Eisfeldt,Pierre-Olivier Weill. The Market for OTC Derivatives. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18912.pdf（827KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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