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The Economics of Over-the-Counter Markets by Julien Hugonnier (Hardback)
£42.00
Available
Product Ref. (e.g. ISBN, SKU)
9780691236285
Published:
08 Jul 2025
Format:
Hardback
Number of pages:
400 pages
Dimensions:
234.95x155.57mm
Weight:
0.000kgs
Author:
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. This book 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.
An essential primer on an important yet understudied type of financial market
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.
About the Author: Julien Hugonnier is professor of finance at the École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland. Benjamin Lester is a senior economic advisor and economist at the Federal Reserve Bank of Philadelphia. Pierre-Olivier Weill is professor of economics at the University of California, Los Angeles.
| Number of pages | 400 |
|---|
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