Securitization, Liquidity, and Market Failure
Paul Davidson ()
Challenge, 2008, vol. 51, issue 3, 43-56
Computerized markets do not work the way the old securities markets once did. In the past, there were always market makers who stood between the buyer and the seller. Today, this is an antiquated system, relegated to such ancient institutions as the New York Stock Exchange. But this economist argues they are of far more than symbolic importance. Efficient markets will not guarantee liquidity, he says. The theory is wrong. And Keynes himself provides an important insight for how to proceed.
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