Repo over the Financial Crisis
成果类型：
Article
署名作者：
Copeland, Adam; Martin, Antoine
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - New York; Swiss National Bank (SNB)
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/jofi.13406
发表日期：
2025
页码：
911-936
关键词：
摘要：
This paper uses new data to provide a comprehensive view of repo activity during the 2007 global financial crisis. We show that activity declined much more in the bilateral segment of the market than in the tri-party segment. Surprisingly, a large share of the decline in activity is driven by repos backed by Treasury securities. Further, a disproportionate share of the decline in repo activity is connected to securities dealer's market-making activity. In particular, the evidence suggests that at least part of the decline is not driven by clients pulling away from securities dealers because of counterparty credit concerns.