| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13230 |
| DP13230 Completing Markets with Contracts: Evidence from the First Central Clearing Counterparty | |
| Guillaume Vuillemey | |
| 发表日期 | 2018-10-09 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | I study the real effects a contracting innovation that suddenly made financial markets more complete: central clearing counterparties (CCPs) for derivatives. The first CCP to provide full insulation against counterparty risk was created in Le Havre (France) in 1882, in the coffee futures market. Using triple difference-in-differences estimation, I show that central clearing changed the geography of trade flows Europe-wide, to the benefit of Le Havre. Inspecting the mechanism using trader-level data, I show that the CCP was instrumental both to mitigate adverse selection issues and to solve a "missing market" problem. Increased risk-sharing possibilities enabled more gains from trade to be realized. The successful contractual innovation quickly spread to new exchanges. |
| 主题 | Financial Economics |
| 关键词 | Incomplete markets Contracts Central clearing International trade |
| URL | https://cepr.org/publications/dp13230 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542039 |
| 推荐引用方式 GB/T 7714 | Guillaume Vuillemey. DP13230 Completing Markets with Contracts: Evidence from the First Central Clearing Counterparty. 2018. |
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