从全民免费到自治垄断：1796-1940年阿姆斯特丹证券交易所的市场组织和价格信息

IF 0.4 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review Pub Date : 2022-12-01 DOI:10.1017/S0968565022000154

Abe de Jong, J. Jonker, Johan Poukens

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引用次数: 0

摘要

阿姆斯特丹证券交易在历史上大部分时间完全不受监管，分散在不同社会群体经常光顾的各种场所，阻碍了价格的透明度。直到1796年才出现了公开价格，当时买卖价差很大，以保护利润。为了消除这种混乱，19世纪出现了一种奇怪的定价方法，即中间价格体系。与以做市商(hoekmannen)为中心的市场微观结构相联系，这一体系在1913年毫不费力地从公共市场转变为垄断市场，实现了自治，仍然没有任何政府监管，并提供了广泛的寻租机会。

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From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940

For most of its history Amsterdam securities trading was entirely unregulated and spread over various venues frequented by different social groups, handicapping price transparency. A public price current emerged only in 1796 and then with wide bid-ask spreads to protect margins. To combat the confusion a curious pricing method, the mid-price system, emerged during the nineteenth century. Tied to a market microstructure centring on hoekmannen (market makers), this system transited effortlessly from a public market into a monopoly by 1913, self-governing, still without any government regulation, and offering wide rent-seeking opportunities.

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来源期刊

Financial History Review HISTORY OF SOCIAL SCIENCES-

CiteScore

1.00

自引率

0.00%

发文量

期刊介绍： Financial History Review is the international forum for all scholars with interests in the development of banking, finance, and monetary matters. Its editors deliberately seek to embrace the broadest approach to publishing research findings within this growing historical specialism. Articles address all aspects of financial and monetary history, including technical and theoretical approaches, those derived from cultural and social perspectives and the interrelations between politics and finance. These presentations of current research are complemented by somewhat shorter pieces, specifically conceived as aids to research. Each issue contains a substantial review section, and every complete volume contains an annual bibliography.