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Quota Brokers

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  • International Monetary Fund

Abstract

This paper examines the role of middlemen (brokers) in an imperfect secondary market for quota licenses. Middlemen facilitate trade when markets are thin, as potential buyers and sellers find it difficult to meet and transact directly. However, in thin markets, middlemen also have the ability to influence the terms on which trades occur, and the wedge they create between the buying and selling price limits the extent to which they facilitate trade. We develop and simulate a model of quota broker behavior to examine their welfare implications.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/179.

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Length: 18
Date of creation: 01 Sep 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/179

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  1. George Hall & John Rust, 2002. "Econometric Methods for Endogenously Sampled Time Series: The Case of Commodity Price Speculation in the Steel Market," Cowles Foundation Discussion Papers 1376, Cowles Foundation for Research in Economics, Yale University.
  2. Krishna, Kala & Tan, Ling Hui, 1996. "The dynamic behavior of quota license prices," Journal of Development Economics, Elsevier, vol. 48(2), pages 301-321, March.
  3. Spulber, Daniel F, 1996. "Market Making by Price-Setting Firms," Review of Economic Studies, Wiley Blackwell, vol. 63(4), pages 559-80, October.
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