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| 02475nam 2200421zi 4500 |
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| 001 | 9.928160 |
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| 003 | CaOODSP |
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| 005 | 20240829103637 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 231004t20232023onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | 0 |aeng|beng|bfre |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2023-51E-PDF |
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| 100 | 1 |aAllen, Jason, |eauthor. |
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| 245 | 10|aIntermediary market power and capital constraints / |cby Jason Allen and Milena Wittwer. |
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| 264 | 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2023. |
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| 264 | 4|c©2023 |
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| 300 | |a1 online resource (ii, 39, 20 pages) : |billustrations. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2023-51 |
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| 500 | |aISSN assigned to different series. |
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| 500 | |a"Last updated: October 4, 2023." |
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| 504 | |aIncludes bibliographical references (pages 34-39). |
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| 520 | 3 |a"We examine how intermediary capitalization affects asset prices in a framework that allows for intermediary market power. We introduce a model in which capital-constrained intermediaries buy or trade an asset in an imperfectly competitive market, and we show that weaker capital constraints lead to both higher prices and intermediary markups. In exchange markets, this results in reduced market liquidity, while in primary markets it leads to higher auction revenues at an implicit cost of larger price distortion. Using data from Canadian Treasury auctions, we demonstrate how our framework can quantify these effects by linking asset demand to individual intermediaries' balance sheet information"--Abstract, page ii. |
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| 546 | |aIncludes abstracts in English and French. |
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| 650 | 0|aIntermediation (Finance)|zCanada|xEconometric models. |
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| 650 | 0|aCapital market|zCanada|xEconometric models. |
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| 650 | 0|aCapital assets pricing model. |
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| 650 | 6|aIntermédiation financière|zCanada|xModèles économétriques. |
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| 650 | 6|aMarché financier|zCanada|xModèles économétriques. |
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| 650 | 6|aModèle d'évaluation des actifs financiers. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2023-51.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.61 MB|uhttps://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-51-eng.pdf |
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