The Puzzle of a Unique Instrument in Emerging Markets of South Asia
AbstractA unique instrument has been associated with emerging markets of India and Pakistan. We show that the instrument can be considered a market response to the information gaps in these markets. The instrument may credibly transmit information and may eliminate information gaps. Hence, the birth of the instrument is, perhaps, an example of a creative market response to information problems.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 21750.
Date of creation: Dec 2009
Date of revision:
Information Asymmetry; Information Transmission; Emerging Markets; Perfect Bayesian Equilibria; Badla Finance;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D00 - Microeconomics - - General - - - General
- G0 - Financial Economics - - General
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- Berkman, Henk & Eleswarapu, Venkat R., 1998. "Short-term traders and liquidity: a test using Bombay Stock Exchange data," Journal of Financial Economics, Elsevier, vol. 47(3), pages 339-355, March.
- Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 259-270, Spring.
- Danny Ben-Shahar, 2004. "Productive Signaling Equilibria and Over-Maintenance: An Application to Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 28(2_3), pages 255-271, 03.
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