Journal Article

The Internet and Financial Market Structure

William J. Wilhelm, Jr

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 17, issue 2, pages 235-247
Published in print June 2001 | ISSN: 0266-903X
Published online June 2001 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/17.2.235
The Internet and Financial Market Structure

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  • Economic Development and Growth
  • Public Economics
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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.

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Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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