US Treasury Market Functioning from the Global Financial Crisis to the Pandemic
研究了从全球金融危机到新冠疫情时期美国国债市场的运行变化，分析了影响中介机构的因素及其对市场流动性的影响，发现替代流动性提供者在正常时期支持了流动性，但在压力时期效果不明确。
This article examines US Treasury securities market functioning from the global financial crisis through the COVID-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes, shifts in ownership patterns, and increased electronic trading. We also discuss their implications for market functioning in both normal times and times of stress. We find that alternative liquidity providers have stepped in as constraints on dealer liquidity provision have tightened, supporting liquidity during normal times, but with less clear effects at times of stress. We conclude with a brief discussion of more recent policy initiatives that are intended to promote market resilience.