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Mishkin and Eakins (2012) argue that many of the stylized facts of financial market structure can be explained as a response to both transaction costs

Mishkin and Eakins (2012) argue that many of the stylized facts of financial market structure can be explained as a response to both transaction costs and asymmetric information. Define Asymmetric information and the problems that it creates for financial markets. You are required to explain how the US structure of the financial system is due to the pervasive problems associated with asymmetric information.

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