US Corporate Bond Markets: Bigger and (Maybe) Better?
研究了美国公司债券市场在电子交易、机构创新和散户参与推动下规模扩大，效率提升但脆弱性增加，COVID-19危机暴露了流动性不足，美联储被迫干预，提出增强透明度和长期投资者参与以提升韧性。
The US corporate bond market has expanded significantly, fueled by electronic trading, institutional innovation, and growing retail participation via mutual and exchange-traded funds. These developments have improved efficiency by reducing costs and enhancing transparency, yet they have also introduced new vulnerabilities. The market’s shift from relationship-based to transaction-based trading has weakened its ability to absorb stress, especially during periods of widespread selling. We examine the structural changes that have reduced dealer intermediation, the limited liquidity benefits of electronic platforms, and the destabilizing role of fund flows. The COVID-19 crisis exposed these weaknesses, prompting the Federal Reserve to act as a “market maker of last resort.” We argue that while the market is “better” in many ways, enhancing resilience through transparency and long-term investor participation is essential for future stability.