国际清算银行-比较不同市场中的搜索摩擦和中介摩擦（英）

BIS Working PapersNo 1283 Comparing search and intermediation frictions across markets by Gabor Pinter, Semih Üslü and Jean-Charles Wijnandts Monetary and Economic Department August 2025 JEL classification: D40, G10, G11, L10 Keywords: search frictions, market power, government bonds, corporate bonds, over-the-counter markets BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Comparing Search and Intermediation FrictionsAcross Markets∗Gábor Pintér†Semih Üslü‡Jean-Charles Wijnandts§AbstractWe develop a two-asset search-and-bargaining model of OTC trading to estimate frictionsand welfare losses in the UK government and corporate bond markets. Using transaction-level data and a matched client sample, we find that both trading delays and intermediationfrictions are more pronounced in corporate bonds. Welfare losses due to these frictions are2.4% in government bonds and 5.0% in corporate bonds—driven primarily by trading delays.Using data from the COVID-19 crisis, we find that these losses might more than doubleduring turbulent times, revealing the fragility of the OTC market structure.JEL Classification: D40, G10, G11, L10Keywords: Search Frictions, Market Power, Government Bonds, Corporate Bonds, Over-the-Counter Markets∗We would like to thank, for helpful comments and suggestions, the editor Dimitris Papanikolaou, one anony-mous associate editor, one anonymous referee, Hengjie Ai, Rui Albuquerque, Ana Babus, Briana Chang, AlexChinco, Darrell Duffie, Mark Egan, Peter Feldhütter, Thanasis Geromichalos, Foti Grigoris, Joel Hasbrouck, Bur-ton Hollifield, Edith Hotchkiss, Yunzhi Hu, Karam Kang, Tommy Leung, Weiling Liu, Liang Ma, Joshua Mollner,John Power, Batchimeg Sambalaibat, Andriy Shkilko, Fabricius Somogyi, Zhaogang Song, Davide Tomio, FabriceTourre, Nicholas Trachter, Pierre-Olivier Weill, Milena Wittwer, Randall Wright, and Liyan Yang, and audience atvarious seminars and conferences. The views expressed in this paper are those of the authors, and not necessarilythose of the Bank of England, the Bank for International Settlements, or their committees.†Monetary and Economic Department, the Bank for International Settlements, Centralbahnplatz 2, 4051 Basel,Switzerland, e-mail: gabor.pinter@bis.org‡Carey Business School, Johns Hopkins University, 100 International Drive, Baltimore, MD 21211, USA, e-mail:semihuslu@jhu.edu§Financial Stability Strategy and Risk, the Bank of England, Th