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The Search Theory of Over-the-Counter Markets

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  • Pierre-Olivier Weill

Abstract

I review the recent literature that applies search-and-matching theory to the study of over-the-counter financial markets. I formulate and solve a simple model to illustrate the typical assumptions and economic forces at play in existing work. I then offer thematic tours of the literature and, in the process, discuss avenues for future research.

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  • Pierre-Olivier Weill, 2020. "The Search Theory of Over-the-Counter Markets," Annual Review of Economics, Annual Reviews, vol. 12(1), pages 747-773, August.
    • Handle: RePEc:anr:reveco:v:12:y:2020:p:747-773
    DOI: 10.1146/annurev-economics-091819-124829
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    Cited by:

    1. Engel, Charles & Bianchi, Javier & Bigio, Saki, 2021. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," CEPR Discussion Papers 16712, C.E.P.R. Discussion Papers.
    2. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
    3. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    4. John Duffy & Lucie Lebeau & Daniela Puzzello, 2021. "Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory," Working Papers 2113, Federal Reserve Bank of Dallas.
    5. Wang, Chaojun, 2023. "The limits of multi-dealer platforms," Journal of Financial Economics, Elsevier, vol. 149(3), pages 434-450.
    6. Ahn, Jungkyu, 2024. "Options illiquidity in an over-the-counter market," International Review of Financial Analysis, Elsevier, vol. 94(C).
    7. Calluzzo, Paul & Dudley, Evan, 2022. "Corporate hedging fragility in the over-the-counter market," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 253-270.
    8. Franc{c}ois Bachoc & Tommaso Cesari & Roberto Colomboni, 2024. "A Contextual Online Learning Theory of Brokerage," Papers 2407.01566, arXiv.org.
    9. Pinter, Gabor & Uslu, Semih, 2022. "Comparing search and intermediation frictions across markets," Bank of England working papers 974, Bank of England.

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