We document a sizable OTC discount in the interdealer market for German sovereign bonds where exchange and over-the-counter trading coexist: the vast majority of OTC prices are favorable with respect to exchange quotes. This is a challenge for theories of OTC markets centered around search...

1. Introduction -- 2. Measuring inequality in the distribution of wealth -- 3. Empirical studies of the distribution of wealth -- 4. Determinants of the distribution of wealth -- 5. Determinants of changes in the distribution of wealth -- 6. Ranking alternative distributions of wealth -- 7. How...

The reuse of collateral can support the efficient allocation of assets in the financial system. Exploiting a novel dataset, we quantify banks’ collateral reuse at the security level. We show that banks substantially increase their reuse of collateral in response to scarcity induced by central...