Treasury Reuse and the Demand for Safe Assets
从理论和实证角度研究了国债作为抵押品被再使用如何缓解安全资产短缺，并利用监管数据计算交易商层面的再使用指标来验证模型预测。
Abstract We theoretically and empirically show how the reuse of Treasury securities as collateral alleviates safe asset scarcity. Our model characterizes how reuse allows intermediaries to efficiently reallocate the safety benefits of long-term Treasury securities to a broader investor base. By reusing Treasury securities, intermediaries can access more collateral to create safe assets without interest rate risk. When the demand for safe assets is high, intermediaries increase reuse, distributing safe asset benefits to investors that value safety the most. Using supervisory data to calculate a dealer-level measure of reuse called the “collateral multiplier,” we empirically confirm the model’s main predictions.