000			01993nam a22002297a 4500
005			20250812180058.0
008			250812b |||||||| |||| 00| 0 eng d
020			_a9780691236285
082			_a332.6 _bHUG
100			_aHugonnier, Julien _923500
245			_aThe economics of over-the-counter markets: _ba toolkit for the analysis of decentralized exchange
260			_bPrinceton University Press _aOxford _c2025
300			_axxiv, 376 p.
365			_aUSD _b49.95
520			_aMany 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)
650			_aOver-the-counter-markets _99644
650			_aEconomics / Macroeconomics _924946
650			_aFinance
700			_aLester, Benjamin _924947
700			_aWeill, Pierre-Olivier _924948
942			_cBK _2ddc
999			_c9920 _d9920