The economics of over-the-counter markets: a toolkit for the analysis of decentralized exchange

By:

Hugonnier, Julien

Contributor(s):

Material type: Text

TextPublication details: Princeton University Press Oxford 2025Description: xxiv, 376 pISBN:

9780691236285

Subject(s):

DDC classification:

332.6 HUG

Summary: Many of the largest financial markets in the world do not organize trade through an exchange but rather operate within a decentralized or over-the-counter (OTC) structure. Understanding how these markets work has become increasingly important in recent years, as illiquidity in certain OTC markets has appeared as the first signs of trouble—if not the cause itself—of the past two financial crises. However, standard models of financial markets are not suitable for studying the causes of illiquidity in OTC markets, nor the optimal policy response. The Economics of Over-the-Counter Markets proposes a unified search-theoretic framework designed to explicitly capture the key features of OTC markets, confront the growing set of stylized facts from these markets, and provide guidance for policies designed to promote liquidity and resiliency. This incisive book covers empirical regularities that are common across OTC markets, develops the methodological tools to analyze the benchmark theoretical models in the academic literature, and extends these models to confront the latest issues facing these markets. (https://press.princeton.edu/books/hardcover/9780691236285/the-economics-of-over-the-counter-markets?srsltid=AfmBOopjJa-nlQUG8NM3YIyOYYdolmc6mhEqDz1jxPzJZKMrUElhNC1Q)

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Holdings
Item type	Current library	Collection	Call number	Copy number	Status	Date due	Barcode
Book	Indian Institute of Management LRC General Stacks	Finance & Accounting	332.6 HUG (Browse shelf(Opens below))	1	Available		008906

Many of the largest financial markets in the world do not organize trade through an exchange but rather operate within a decentralized or over-the-counter (OTC) structure. Understanding how these markets work has become increasingly important in recent years, as illiquidity in certain OTC markets has appeared as the first signs of trouble—if not the cause itself—of the past two financial crises. However, standard models of financial markets are not suitable for studying the causes of illiquidity in OTC markets, nor the optimal policy response. The Economics of Over-the-Counter Markets proposes a unified search-theoretic framework designed to explicitly capture the key features of OTC markets, confront the growing set of stylized facts from these markets, and provide guidance for policies designed to promote liquidity and resiliency. This incisive book covers empirical regularities that are common across OTC markets, develops the methodological tools to analyze the benchmark theoretical models in the academic literature, and extends these models to confront the latest issues facing these markets.

(https://press.princeton.edu/books/hardcover/9780691236285/the-economics-of-over-the-counter-markets?srsltid=AfmBOopjJa-nlQUG8NM3YIyOYYdolmc6mhEqDz1jxPzJZKMrUElhNC1Q)

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