Special Repo Rates
解释在竞争性回购市场中，特殊回购利率（显著低于无风险利率）的成因和表现，指出当抵押品持有者因法律、制度或摩擦成本而无法供给时，特殊利率出现，并推高标的资产价格。
ABSTRACT This article provides the causes and symptoms of special repo rates in a competitive market for repurchase agreements. A repo rate is, in effect, an interest rate on loans collateralized by a specific instrument. A “special” is a repo rate significantly below prevailing market riskless interest rates. This article shows that specials can occur when those owning the collateral are inhibited, whether from legal or institutional requirements or from frictional costs, from supplying collateral into repurchase agreements. Specialness increases the equilibrium price for the underlying instrument by the present value of savings in borrowing costs associated with the repo specials.