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The Internet and Financial Market Structure

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  • William J. Wilhelm, Jr

Abstract

Financial markets are markets for information. As such, they are directly influenced by advances in information dissemination, storage, and processing associated with the commercial development of the Internet. On the other hand, given the long-standing centrality of information in financial markets, the consequences of the Internet for financial markets can be understood as evolutionary rather than revolutionary. This article provides a framework for understanding how the historical interplay between information technology and human capital has influenced financial market structure. In doing so, it sheds light on the recent reorganization of financial markets. The daring reader might infer implications for reorganization of product markets where the impact of the Internet is more abrupt. Copyright 2001, Oxford University Press.

Suggested Citation

  • William J. Wilhelm, Jr, 2001. "The Internet and Financial Market Structure," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 17(2), pages 235-247, Summer.
    • Handle: RePEc:oup:oxford:v:17:y:2001:i:2:p:235-247
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    Cited by:

    1. Dulani Jayasuriya & Ben O’Neill, 2021. "Social Media’s Impact on the Global Mergers and Acquisitions Market," JRFM, MDPI, vol. 14(4), pages 1-41, April.
    2. Bos, Jaap W.B. & Kolari, James W. & van Lamoen, Ryan C.R., 2013. "Competition and innovation: Evidence from financial services," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1590-1601.
    3. Haukioja, Teemu & Hahl, Jarmo, 2001. "The Emergence of the New Economy, and its Challenge to Financial Intermediation and Banking," Discussion Papers 772, The Research Institute of the Finnish Economy.
    4. Abdur Chowdhury, 2003. "Information technology and productivity payoff in the banking industry: evidence from the emerging markets," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(6), pages 693-708.
    5. James R. Garven, 2002. "On the Implications of the Internet for Insurance Markets and Institutions," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 5(2), pages 105-116, September.
    6. Trauten, Andreas, 2004. "Zur Effizienz von Wertpapieremissionen über Internetplattformen," Working Papers 8, University of Münster, Competence Center Internet Economy and Hybrid Systems, European Research Center for Information Systems (ERCIS).

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