Does demand for safety create instability ? Secured (repo) funding can be made so safe that it never runs, but shifts …. As more secured debt causes larger fire sales, it leads to higher haircuts which further increase the frequency of runs …. While secured funding combined with high yield unsecured debt may reduce instability, the private choice of repo funding …

Does demand for safety create instability ? Secured (repo) funding can be made so safe that it never runs, but shifts …. As more secured debt causes larger fire sales, it leads to higher haircuts which further increase the frequency of runs …. While secured funding combined with high yield unsecured debt may reduce instability, the private choice of repo funding …

credit supply, inducing worse firm-level real effects. However, they buy securities with lower yields and haircuts, thus …

, focusing on the links between 'Repo-and-Securitization' and the crisis. In contrast, WPs in macroeconomics-related programs …

simplicity and flexibility. The European repo market is quite concentrated, as 80% of the transactions is conducted be-tween the … top 20 banks and 61.9% of the collaterals used in the European repo market are originated in the Eurozone. Especially, for … Europe the repo market is more important than ever, as it reached an all-time high of EUR 7,351 billion in June 2018. Even …

, focusing on the links between 'Repo-and-Securitization' and the crisis. In contrast, WPs in macroeconomics-related programs …