This paper investigates how market structure a¤ects e¢ ciency and several dimensions of liquidity in an asset market. To this end, we generalize the searchtheoretic model of …nancial intermediation of Darrell Du¢ e et al. (2005) to allow for entry of dealers and unrestricted asset holdings. Keywords: bid-ask spread, execution delay, liquidity, search, trade volume JEL Classi…cation: G11, G12, G...

I ssues relating to fi nancial stability have always been part of the macroeconomics curriculum, but they have often been presented as mainly of historical interest, or primarily of relevance to emerging markets. However, the recent fi nancial crisis has made it plain that even in economies like the United States, signifi cant disruptions of fi nancial intermediation remain a possibility. Under...

This study examines the influence of financial intermediation on fertility rate and labor allocation decisions. A panel Vector Autoregression model using three variables of interest, specifically, financial intermediation, fertility, and industrial employment data in 87 countries, was estimated. This convenient methodology allows the relationship between the variables to change over time. Fi...

This paper considers the optimal taxation of savings intermediation and payment services in a dynamic general equilibrium setting, when the government can also use consumption and income taxes. When payment services are used in strict proportion to ...nal consumption, and the cost of intermediation services is ...xed and the same across ...rms, the optimal taxes are generally indeterminate. But...

Village Savings and Loan Associations and Self-Help Groups have the features of both a borrowing and a savings technology. They may therefore bring together savers and borrowers, increasing financial intermediation in villages with low access to formal banking. On the other hand, such intermediation may be impeded by limited liability, or by broader social frictions. To test for evidence of int...

This paper is a literature study that talks about the message of self-awareness to return Allah Swt. The intended divided into two things, first returning in an active sense through repentance. Repentance also has three meanings, renewing faith, replacing ugliness with good and eliminating sins. Second, passive sense, namely when person's life been revoked (through death). responsibility for wo...