Repo over the Financial Crisis
利用新数据全面考察2007年全球金融危机期间的回购活动，发现双边市场活动下降幅度远大于三方市场，且下降主要由国债回购驱动，部分与交易商做市活动相关。
ABSTRACT This paper uses new data to provide a comprehensive view of repo activity during the 2007 global financial crisis. We show that activity declined much more in the bilateral segment of the market than in the tri‐party segment. Surprisingly, a large share of the decline in activity is driven by repos backed by Treasury securities. Further, a disproportionate share of the decline in repo activity is connected to securities dealer's market‐making activity. In particular, the evidence suggests that at least part of the decline is not driven by clients pulling away from securities dealers because of counterparty credit concerns.