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首页> 外文期刊>Journal of financial economics >Liquidity windfalls: The consequences of repo rehypothecation
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Liquidity windfalls: The consequences of repo rehypothecation

机译：流动资金意外收获：回购再抵押的后果

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摘要

This paper presents a model of repo intermediation in which dealers intermediate secured financing between lenders and borrowers using the same collateral. Lenders are insulated from dealers through their repo's collateral, but borrowers are exposed to dealers through the loss of their collateral. This makes lenders' repo terms insensitive to dealers' default, while borrowers' repo terms are not. The model shows that when repos serve to intermediate collateral, haircuts are negative. This paper explains the difference in haircuts between the bilateral and tri-party repo market and the different run dynamics observed across these markets during the financial crisis. Published by Elsevier B.V.
机译：本文提出了一种回购中介模型，其中交易商使用相同的抵押品在贷方和借方之间进行中间担保融资。贷款人通过其回购协议的抵押品与交易商隔绝，但借款人因失去抵押品而与交易商接触。这使得贷方的回购条款对交易商的违约不敏感，而借款人的回购条款则不然。该模型显示，当回购用作中间抵押品时，理发是负数。本文解释了双边和三方回购市场在减价方面的差异，以及在金融危机期间在这些市场上观察到的不同运行动态。由Elsevier B.V.发布

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