کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
961527 | 1478938 | 2016 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Reducing opacity in over-the-counter markets
ترجمه فارسی عنوان
کاهش میزان شفافیت در بازارهای بدون مجوز
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
In this paper, I evaluate how a centralized market impacts the opacity of an over-the-counter (OTC) market. I show that a competitive centralized market provides an incentive for dealers in the OTC market to reduce opacity, whereas a noncompetitive centralized market does not. Competition between the competitive centralized market and the OTC market forces dealers in the latter to reduce opacity. With the noncompetitive centralized market, opportunities for collusion provide an incentive for dealers to increase opacity. Specifically, the natural monopoly market maker in the noncompetitive centralized market coordinates his spread according to dealers' spreads to profit from opacity.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Markets - Volume 27, January 2016, Pages 1-27
Journal: Journal of Financial Markets - Volume 27, January 2016, Pages 1-27
نویسندگان
Zhuo Zhong,