The Causal Impact of Market Fragmentation on Liquidity

2015 ◽  
Author(s):  
Peter H. Haslag ◽  
Matthew Ringgenberg
Keyword(s):  
Market Fragmentation ◽  
Causal Impact

Has Aid Helped in Pakistan?

1997 ◽  
Vol 36 (4II) ◽  
pp. 947-957 ◽  
Author(s):  
Shahrukh Rafi Khan
Keyword(s):  
Economic Growth ◽  
Negative Impact ◽  
Negative Association ◽  
Causal Impact ◽  
The Impact ◽  
Over Time

This paper has a two-fold objective: first, to examine the terms on which Pakistan receives aid and whether its debt situation is sustainable, and second, to examine the impact of aid and debt on economic growth. It is found that there is little encouraging that can be said about how the terms on which Pakistan has received aid over time have changed, and its current debt situation is not sustainable. Also reported is the analysis done elsewhere which shows that aid has a negative (Granger) causal impact on GDP, and aid has a robust negative impact on economic growth after controlling for supplyside shocks. We provide various reasons for this negative association.

Market Fragmentation and Contagion

2020 ◽  
Author(s):  
Rohit Rahi ◽  
Jean-Pierre Zigrand
Keyword(s):  
Market Fragmentation

Market Fragmentation Metrics

2006 ◽  
Author(s):  
Stewart Mayhew ◽  
Lawrence Harris
Keyword(s):  
Market Fragmentation

The labour that dare not speak its name

2017 ◽  
Author(s):  
Jason Toynbee
Keyword(s):  
Social Structure ◽  
Large Scale ◽  
Division Of Labour ◽  
Concrete Material ◽  
Material World ◽  
Music Making ◽  
Causal Impact ◽  
Musical Creativity ◽  
Material Conditions

The is chapter argues that to understand the distributed nature of musical creativity we need to examine its connection to large-scale social structure and to capitalist relations of labour. These relations have a ‘downward’ causal impact on creative acts. Firstly, this is through the division of labour, which plays out in different ways across genres from classical to pop. Secondly, creative musical labour involves engagement with the concrete, material world. The distributed nature of creativity is determined not only by the drive to divide or consolidate music-making tasks but also depends on the nature of the musical materials to hand, and methods of dealing with them. Two methods are described in this chapter: translation and intensification. Each (sometimes they are combined) entails the making of relatively autonomous creative choices which are emergent from the structural and material conditions of musical labour.

Changing Capital Market Structure and Regulatory Challenges

2019 ◽  
Author(s):  
Walter Mattli ◽  
Miles Kellerman
Keyword(s):  
Structural Development ◽  
Industrialized Countries ◽  
Negative Externalities ◽  
Electronic Trading ◽  
Global Capital ◽  
Telecommunication Technology ◽  
Stage Process ◽  
Market Fragmentation ◽  
Exchange Markets ◽  
Asset Classes

Advances in telecommunication technology in the nineteenth century encouraged greater centralization of liquidity on single, dominant exchanges in most major industrialized countries. Electronic trading, in contrast, has precipitated increased market fragmentation, creating a host of new regulatory dilemmas. In an attempt to understand this phenomenon, this chapter proposes a two-stage process of market structural development in response to electronic trading. This process is then examined in equities and foreign exchange markets. Despite significant differences between these two asset classes, they have exhibited a remarkably similar pattern of disintermediation followed by reintermediation. This analysis is followed by a survey of recent regulatory approaches to mitigate the negative externalities associated with electronic trading. It concludes with a brief discussion on the future of market fragmentation and centralization in global capital markets.

scholarly journals Estimating Causal Effects When the Treatment Affects All Subjects Simultaneously: An Application

2021 ◽  
Vol 5 (2) ◽  
pp. 22
Author(s):  
Chiara Binelli
Keyword(s):  
Machine Learning ◽  
Carbon Dioxide ◽  
Global Warming ◽  
Carbon Dioxide Emissions ◽  
Control Group ◽  
Sources Of Information ◽  
Average Global Temperature ◽  
Causal Impact ◽  
The Impact ◽  
Robust Evidence

Several important questions cannot be answered with the standard toolkit of causal inference since all subjects are treated for a given period and thus there is no control group. One example of this type of questions is the impact of carbon dioxide emissions on global warming. In this paper, we address this question using a machine learning method, which allows estimating causal impacts in settings when a randomized experiment is not feasible. We discuss the conditions under which this method can identify a causal impact, and we find that carbon dioxide emissions are responsible for an increase in average global temperature of about 0.3 degrees Celsius between 1961 and 2011. We offer two main contributions. First, we provide one additional application of Machine Learning to answer causal questions of policy relevance. Second, by applying a methodology that relies on few directly testable assumptions and is easy to replicate, we provide robust evidence of the man-made nature of global warming, which could reduce incentives to turn to biased sources of information that fuels climate change skepticism.

scholarly journals The Real Cost of Credit Constraints: Evidence from Micro-finance

2016 ◽  
Vol 16 (1) ◽  
pp. 151-183 ◽  
Author(s):  
Renuka Sane ◽  
Susan Thomas
Keyword(s):  
Andhra Pradesh ◽  
Credit Constraints ◽  
Household Consumption ◽  
Cross Sectional ◽  
Real Cost ◽  
Optimal Intervention ◽  
Rural And Urban ◽  
Causal Impact ◽  
Matching Strategy ◽  
Customer Welfare

Abstract The paper studies the effect of a law that banned micro-credit lending in the state of Andhra Pradesh in India. Regions in Andhra Pradesh are matched to regions that did not face the ban. A difference-in-difference estimation of changes in matched regions is used to establish a causal impact on average household consumption in the region. The results show that the average household consumption in the ban-affected regions dropped by 15% immediately after the ban compared to the matched regions, and persisted for four quarters. The result is robust to cross-sectional variations in regional exposure to micro-finance prior to the ban, variation in rural and urban locations and variations in matching strategy. The analysis points to a ban as a sub-optimal intervention to improve customer welfare.

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