Search in asset markets: market structure, liquidity, and welfare

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  • 1 January 2007
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      • Published in RePEc
Abstract
This paper investigates how market structure affects efficiency and several dimensions of liquidity in an asset market. To this end, we generalize the search-theoretic model of financial intermediation of Darrell Duffie et al. (2005) to allow for entry of dealers and unrestricted asset holdings.
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