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Liquidity Windfalls: The Consequences Of Repo Rehypothecation

Description: Please refer to the section BELOW (and NOT ABOVE) this line for the product details - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Title:Liquidity Windfalls: The Consequences Of Repo RehypothecationISBN13:9781511660419ISBN10:1511660414Author:Federal Reserve Board (Author)Description:(This is a RePrint) - This Paper Presents A Model Of Repo Rehypothecation In Which Dealers Intermediate Funds And Collateral Between Cash Lenders (E G , Money Market Funds) And Prime Brokerage Clients (E G , Hedge Funds) Dealers Take Advantage Of Their Position As Intermediaries, Setting Different Repo Terms With Each Counterparty In Particular, The Difference In Haircuts Represents A Positive Cash Balance For The Dealer That Can Be An Important Source Of Liquidity The Model Shows That Dealers With Higher Default Risk Are More Exposed To Runs By Collateral Providers Than To Runs By Cash Lenders, Who Are Completely Insulated From A Dealer's Default In Addition, Collateral Providers' Repo Terms Are Sensitive To Changes In A Dealer's Default Probability And Its Correlation With The Collateral's Outcome, Whereas Cash Lenders' Repo Terms Are Unaffected By These Changes This Paper Rationalizes The Difference In Haircuts Observed In Bilateral And Tri-Party Repo Markets, Reconciles The Partial Evidence Of The Run On Repo During The Recent Financial Crisis, And Presents New Empirical Evidence To Support The Model's Main Prediction On Haircut Sensitivities Binding:Paperback, PaperbackPublisher:Createspace Independent Publishing PlatformPublication Date:2015-04-12Weight:0.23 lbsDimensions:0.07'' H x 11.02'' L x 8.5'' WNumber of Pages:34Language:English

Price: 14.65 USD

Location: USA

End Time: 2025-01-22T12:03:51.000Z

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Liquidity Windfalls: The Consequences Of Repo Rehypothecation

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Book Title: Liquidity Windfalls : the Consequences of Repo Rehypothecation

Number of Pages: 34 Pages

Language: English

Publisher: CreateSpace

Publication Year: 2015

Item Height: 0.1 in

Topic: General

Illustrator: Yes

Genre: Business & Economics

Item Weight: 5 oz

Author: Federal Reserve Board Staff

Item Length: 11 in

Item Width: 8.5 in

Format: Trade Paperback

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