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- W1579464669 abstract "So, when I buy or sell, it is only by virtue of the fact that there are other people doing the opposite that I am contributing to liquidity. Just as with any other public good, a very natural question is whether we can have market failure. Raghu’s diagnosis is that yes, on occasion, this public good can give rise to market failure, and financial development has, in some ways, made the problem worse. Unlike Don Kohn, I have more sympathy with Raghu’s diagnosis. Hyun Song Shin Commentary: Has Financial Development Made the World Riskier?" @default.
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- W1579464669 title "Commentary: has financial development made the world riskier?" @default.
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