The repo market has been viewed as a potential source of financial instability since the 2007
to 2009 financial crisis, based in part on findings that margins increased sharply in a …

Two leading economists develop a theory explaining the demand for and supply of liquid
assets. Why do financial institutions, industrial companies, and households hold low …

Dealer banks--that is, large banks that deal in securities and derivatives, such as JP Morgan
and Goldman Sachs--are of a size and complexity that sharply distinguish them from typical …

This paper provides a descriptive and quantitative account of the tri-party repo market before
the reforms proposed in 2010 by the Task Force on Tri-Party Repo Infrastructure (Task Force …

An argument that contagion is the most significant risk facing the financial system and that
Dodd¬ Frank has reduced the government's ability to respond effectively. The Dodd–Frank …

Securities dealers receive mortgages as collateral for credit lines provided to mortgage
companies and reuse the same collateral to borrow money. Exploiting the 2005 BAPCPA …

" On September 12th 2008, Lehman Brothers was valued at 639 billion US dollars. On
Monday 15th September, it was worth nothing. How could trillions of dollars seemingly melt …

Of the leading versions of lender of last resort policy, which is to be preferred in a world of
realistic incentive and information imperfections? The three most prominent versions of …

OTIAN PRESCRIPTIONS top-neavy ana more iexie. Tne suggestea retorms snould serve to
reduce both the extent of the Fed's interference with an efficient allocation of credit and the …

The repo market in the United States played a significant role during the 2007-2009 global
financial crisis. A large portion of the transactions in this market take the form of a tri-party …