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- W2478251346 abstract "This chapter expounds on the notion of the liquidity of an asset and its ability to function as a medium of exchange. Here, trading frictions are not associated with the purchase and consumption of goods. Instead, these are introduced into an asset market, or an over-the-counter market, with bilateral matches between investors and dealers. This model is further explored in an economy where investors accumulate capital goods to produce a general consumption good. Trading fictions are also endogenized by accepting free entry of dealers in the market-making sector. The chapter shows that multiple equilibria is reached due to the presence of complementarities between investors’ asset-holding decisions and dealers’ entry decisions, leading to the drying up of liquidity in the market because of self-fulfilling beliefs." @default.
- W2478251346 created "2016-08-23" @default.
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- W2478251346 date "2011-10-28" @default.
- W2478251346 modified "2023-10-18" @default.
- W2478251346 title "Liquidity and Trading Frictions" @default.
- W2478251346 doi "https://doi.org/10.7551/mitpress/9780262016285.003.0012" @default.
- W2478251346 hasPublicationYear "2011" @default.
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