Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
收藏NBER2011-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w17000
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资源简介：
We model the opacity of over-the-counter (OTC) markets in a setup where agents share risks, but have incentives to default and their financial positions are not mutually observable. We show that this setup results in excess "leverage" in that parties take on short OTC positions that lead to levels
提供机构：
美国国家经济研究局
创建时间：
2011-04-01
