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220928 ||| eng |
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|a 9781589068452
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| 100 |
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|a Hüser, Anne-Caroline
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| 245 |
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|a How Does the Repo Market Behave Under Stress? Evidence From the COVID-19 Crisis
|c Anne-Caroline Hüser, Caterina Lepore, Luitgard Veraart
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2021
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| 300 |
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|a 31 pages
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| 653 |
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|a Network Formation and Analysis: Theory
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| 653 |
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|a Health
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| 653 |
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|a Payment Systems
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| 653 |
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|a Economics
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| 653 |
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|a Infectious & contagious diseases
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Regimes
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| 653 |
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|a Covid-19
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| 653 |
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|a Mortgages
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| 653 |
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|a Money
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Standards
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| 653 |
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|a Currency crises
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| 653 |
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|a Financial markets
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| 653 |
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|a Currencies
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Diseases: Contagious
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| 653 |
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|a Communicable diseases
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| 653 |
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|a Investment Decisions
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| 653 |
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|a Clearinghouses
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Pension Funds
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| 653 |
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|a Monetary economics
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| 653 |
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|a Central counterparty clearing house
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| 653 |
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|a Financial institutions
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| 653 |
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|a Hedge funds
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Economics: General
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Informal sector
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| 653 |
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|a Asset and liability management
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| 653 |
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|a Health Behavior
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| 653 |
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|a Liquidity
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Financial services industry
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Portfolio Choice
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| 653 |
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|a Finance: General
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| 653 |
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|a Financial Crises
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| 700 |
1 |
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|a Lepore, Caterina
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| 700 |
1 |
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|a Veraart, Luitgard
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781589068452.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2021/267/001.2021.issue-267-en.xml?cid=504362-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a We examine how the repo market operates during liquidity stress by applying network analysis to novel transaction-level data of the overnight gilt repo market including the COVID-19 crisis. During this crisis, the repo network becomes more connected, with most institutions relying on existing trade relationships to transact. There are however significant changes in the repo volumes and spreads during the stress relative to normal times. We find a significant increase in volumes traded in the cleared segment of the market. This reflects a preference for dealers and banks to transact in the cleared rather than the bilateral segment. Funding decreases towards non-banks, only increasing for hedge funds. Further, spreads are higher when dealers and banks lend to rather than borrow from non-banks. Our results can inform the policy debate around the behaviour of banks and non-banks in recent liquidity stress and on widening participation in CCPs by nonbanks
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