scholarly journals Private and Public Liquidity Provision in Over-the-Counter Markets

2017 ◽  
Vol 2017 (033) ◽  
Author(s):  
David M. Arseneau ◽  
◽  
David E. Rappoport ◽  
Alexandros P. Vardoulakis ◽  
◽  
...  
Keyword(s):  
Over The Counter ◽  
Liquidity Provision ◽  
Private And Public

scholarly journals Private and public liquidity provision in over‐the‐counter markets

2020 ◽  
Vol 15 (4) ◽  
pp. 1669-1712
Author(s):  
David M. Arseneau ◽  
David E. Rappoport W. ◽  
Alexandros P. Vardoulakis
Keyword(s):  
Dynamic Model ◽  
Market Liquidity ◽  
Quantitative Easing ◽  
Transmission Channel ◽  
Public Provision ◽  
Over The Counter ◽  
Liquidity Provision ◽  
Private And Public ◽  
Trade Frictions ◽  
Liquidity Premia

We show that trade frictions in over‐the‐counter (OTC) markets result in inefficient private liquidity provision. We develop a dynamic model of market‐based financial intermediation with a two‐way interaction between primary credit markets and secondary OTC markets. Private allocations are generically inefficient due to a congestion externality operating through market liquidity in the OTC market. This inefficiency can lead to liquidity that is suboptimally low or high compared to the second best, providing a rationale for the regulation and public provision of liquidity. Moreover, our model characterizes a transmission channel of quantitative easing or tightening that operates through liquidity premia.

Regulate in Haste, Repent at Leisure: Private and Public Orderings in OTC Derivatives Markets

2020 ◽  
Author(s):  
Craig Pirrong
Keyword(s):  
Financial Crisis ◽  
Functional Approach ◽  
Over The Counter ◽  
Otc Derivatives ◽  
Private And Public ◽  
Derivatives Markets

Over-the-counter derivatives were widely blamed for causing or exacerbating the financial crisis. As a result of perceived structural failings in these markets, legislators and regulators mandated substantial changes. The most notable of these changes was a requirement that most derivatives be centrally cleared. Under clearing, a central counterparty becomes a party to all contracts and guarantees performance on them. These mandates were predicated on a defective understanding of the economics of derivatives markets. The proposed reforms were fundamentally flawed because they were rooted in an institutional, rather than functional, approach to regulation.

Research Issues in Commodities and Commodity Derivatives

2018 ◽  
Author(s):  
Scott Mixon
Keyword(s):  
Financial Markets ◽  
Futures Markets ◽  
Commodity Markets ◽  
Real Economy ◽  
Over The Counter ◽  
Research Issues ◽  
Liquidity Provision ◽  
The World ◽  
Core Concepts ◽  
Commodity Derivatives

Commodity derivatives allow hedgers to smooth wealth across different states of the world and provide a direct link between financial markets and the real economy. This chapter describes recent research related to core concepts for these products: hedging behavior, the provision of liquidity in commodity markets, and the “financialization” debate related to the recent inflow of institutional investments into commodities. Intermediation activity in these markets has evolved in recent years. Modern commodity markets now incorporate extensive intermediation by swap dealers to facilitate over-the-counter swap dealing activity and execute the associated hedging activity linking swap and futures markets. The emergence of highly computerized, automated trading and the trend toward liquidity provision by commercial firms are intermediation issues that require better understanding. The chapter also provides insights into the types of topics faced by researchers who consider policy-related issues.

Acetaminophen: Neonatal hepatotoxicity due to late pregnancy exposure

1987 ◽  
Vol 45 ◽  
pp. 718-719
Author(s):  
G.A. Miranda ◽  
M.A. Arroyo ◽  
C.A. Lucio ◽  
M. Mongeotti ◽  
S.S. Poolsawat
Keyword(s):  
Low Dose ◽  
Fetal Liver ◽  
Late Pregnancy ◽  
Toxic Chemicals ◽  
Control Group ◽  
High Dose ◽  
Over The Counter ◽  
Liver And Kidney ◽  
Neonatal Liver ◽  
Childbearing Women

Exposure to drugs and toxic chemicals, during late pregnancy, is a common occurrence in childbearing women. Some studies have reported that more than 90% of pregnant women use at least 1 prescription; of this, 60% used more than one. Another study indicated that 80% of the consumed drugs were not prescribed, and of this figure, 95% were “over-the-counter” drugs. Acetaminophen, the safest of all over-the-counter drugs, has been reported to induce fetal liver necrosis in man and animals and to have abortifacient and embryocidal action in mice. This study examines the degree to which acetaminophen affects the neonatal liver and kidney, when a fatty diet is simultaneously fed to the mother during late pregnancy.Timed Swiss Webster female mice were gavaged during late pregnancy (days 16-19) with fat suspended acetaminophen at a high dose, HD = 84.50 mg/kg, and a low dose, LD = 42.25 mg/kg; a control group received fat alone.

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