Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/108355
Authors: 
Havran, Dániel
Year of Publication: 
2014
Series/Report no.: 
IEHAS Discussion Papers MT-DP - 2014/20
Abstract (Translated): 
This survey reviews the economic thoughts about what and why do institutional market players lose because of the existing market frictions and particular financial market microstructures compared to walrasian markets. Within a unified microeconomic framework, we introduce the most common approaches of the decentralized market trading theories such as search and bargaining, middlemen and trading in networks. Then, we investigate the principal theories of the centralized trading, such as the behavior of the market makers and trading explanations related to the order driven markets. We constrain our analysis into the secondary markets. With considering the financial markets by asset classes (interbank loans and deposits, bond markets, equity markets, FX-markets and derivatives trading) the survey also identifies the currently available microstructures on the financial markets.
Subjects: 
Financial Markets
Market Microstructure
Bid-Ask Spread
Liquidity
JEL: 
G10
G14
D44
D47
ISBN: 
978-615-5447-37-2
Document Type: 
Working Paper

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