Funding liquidity and market liquidity: the broker-dealer perspective
M Macchiavelli, X Zhou - Management Science, 2022 - pubsonline.informs.org
We provide direct evidence of how dealers' funding liquidity affects their liquidity provision in
securities markets. Worse funding liquidity (higher repo haircuts and rates) leads to larger …
securities markets. Worse funding liquidity (higher repo haircuts and rates) leads to larger …
Emergency loans and collateral upgrades: How broker-dealers used federal reserve credit during the 2008 financial crisis
M Carlson, M Macchiavelli - Journal of Financial Economics, 2020 - Elsevier
During the 2008 financial crisis, the Federal Reserve established two emergency facilities
for broker-dealers: one provided collateralized loans; the other, collateral upgrades. These …
for broker-dealers: one provided collateralized loans; the other, collateral upgrades. These …
Liquidity regulation and financial intermediaries
M Macchiavelli, L Pettit - Journal of Financial and Quantitative …, 2021 - cambridge.org
The liquidity-coverage ratio (LCR) requires banks to hold enough liquidity to withstand a 30-
day run. We study the effects of the LCR on broker-dealers, the financial intermediaries at …
day run. We study the effects of the LCR on broker-dealers, the financial intermediaries at …