Asset scarcity and collateral rehypothecation
在包含违约的一般均衡模型中引入抵押品再质押，分析其如何缓解资产稀缺、提升抵押品使用效率，并解释再质押限制导致价格分割的现象。
This paper introduces collateral rehypothecation, a widespread practice in derivatives, swaps, and repo markets, in a general equilibrium model with default. Rehypothecation frees up collateral because it allows lenders to resell or repledge assets pledged by borrowers. The risk that lenders will not return the asset, however, limits gains from rehypothecation. Still, when markets are contractually incomplete or decentralized, rehypothecation can achieve a superior use of scarce collateral. These results have implications for the repo market and suggest that limits to rehypothecation can cause price fragmentation.