Bond Market Resiliency: The Role of Insurers
研究了保险公司在新冠疫情流动性危机期间如何通过购买面临共同基金抛售的债券来支持公司债券市场韧性，发现资金更稳定的保险公司更可能购买，且与有交易关系的经销商合作能改善流动性供给。
Abstract We examine the role of insurance companies in supporting resiliency in the corporate bond market. We show that during the COVID-19 liquidity crisis, insurers increased their corporate bond positions, particularly in bonds facing fire sales by mutual funds. Insurers with more stable funding were more likely to buy, and they bought more from dealers with whom they had prior trading relationships. Dealers improved their bond liquidity provision when they had trading relationships with insurers with more stable funding. Our work demonstrates that insurers can play an important role in supporting bond market resiliency during times of stress.