ROSE, ANDREW K.; SPIEGEL, MARK M. - In: Global Journal of Economics (GJE) 01 (2012) 01, pp. 1250002-1
We derive an international centralized and decentralized market model, in the spirit of Lagos and Wright (2005), where agents can experience asset-specific illiquidity. We apply the analysis to the question of dollar illiquidity during the global financial crisis and the response through...