The Euro Interbank Repo Market
实证研究了基于中央对手方的欧元银行间回购市场在危机期间具有韧性，甚至能充当冲击吸收器，回购贷款随风险增加而增加，而利差、期限和折扣率保持稳定。
The search for a market design that ensures stable bank funding is at the top of regulators' policy agenda. This paper empirically shows that the central counterparty (CCP)-based euro interbank repo market features this stability. Using a unique and comprehensive data set, we show that the market is resilient during crisis episodes and may even act as a shock absorber, in the sense that repo lending increases with risk, while spreads, maturities, and haircuts remain stable. Our comparison across different repo markets shows that anonymous CCP-based trading, safe collateral, and the absence of an unwind mechanism are the key characteristics to ensure market resilience.