{"id":"https://openalex.org/W3125865900","doi":"https://doi.org/10.1016/j.red.2019.04.009","title":"A theory of repurchase agreements, collateral re-use, and repo intermediation","display_name":"A theory of repurchase agreements, collateral re-use, and repo intermediation","publication_year":2019,"publication_date":"2019-01-01","ids":{"openalex":"https://openalex.org/W3125865900","doi":"https://doi.org/10.1016/j.red.2019.04.009","mag":"3125865900"},"language":"en","primary_location":{"id":"pmh:oai:iris.unive.it:10278/3722528","doi":"https://doi.org/10.1016/j.red.2019.04.009","is_oa":true,"landing_page_url":"http://hdl.handle.net/10278/3722528","pdf_url":null,"source":{"id":"https://openalex.org/S4306402336","display_name":"ARCA (Universit\u00e0 Ca' Foscari Venezia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I149461666","host_organization_name":"Ca' Foscari University of Venice","host_organization_lineage":["https://openalex.org/I149461666"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://hdl.handle.net/10278/3722528","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5082378545","display_name":"Piero Gottardi","orcid":"https://orcid.org/0000-0001-8906-3136","observed_orcids":["https://orcid.org/0000-0001-8906-3136"]},"institutions":[{"id":"https://openalex.org/I110002522","display_name":"University of Essex","ror":"https://ror.org/02nkf1q06","country_code":"GB","type":"education","lineage":["https://openalex.org/I110002522"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Gottardi P.","raw_affiliation_strings":["University of Essex, United Kingdom of Great Britain and Northern Ireland","University of Venice, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Essex, United Kingdom of Great Britain and Northern Ireland","institution_ids":["https://openalex.org/I110002522"]},{"raw_affiliation_string":"University of Venice, Italy","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5074714907","display_name":"Vincent Maurin","orcid":"https://orcid.org/0000-0001-8282-5468","observed_orcids":["https://orcid.org/0000-0001-8282-5468"]},"institutions":[{"id":"https://openalex.org/I180242103","display_name":"Stockholm School of Economics","ror":"https://ror.org/01s5jzh92","country_code":"SE","type":"education","lineage":["https://openalex.org/I180242103"]}],"countries":["SE"],"is_corresponding":false,"raw_author_name":"Maurin V.","raw_affiliation_strings":["Stockholm School of Economics, Sweden"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Stockholm School of Economics, Sweden","institution_ids":["https://openalex.org/I180242103"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5080407828","display_name":"Cyril Monnet","orcid":"https://orcid.org/0000-0001-6376-4129","observed_orcids":["https://orcid.org/0000-0001-6376-4129"]},"institutions":[{"id":"https://openalex.org/I118564535","display_name":"University of Bern","ror":"https://ror.org/02k7v4d05","country_code":"CH","type":"education","lineage":["https://openalex.org/I118564535"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Monnet C.","raw_affiliation_strings":["University of Bern, SZ Gerzensee, Switzerland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bern, SZ Gerzensee, Switzerland","institution_ids":["https://openalex.org/I118564535"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5082378545"],"corresponding_institution_ids":["https://openalex.org/I110002522"],"apc_list":null,"apc_paid":null,"fwci":9.059,"has_fulltext":false,"cited_by_count":58,"citation_normalized_percentile":{"value":0.9776269,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9169999957084656,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9169999957084656,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.0714000016450882,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.002199999988079071,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/repurchase-agreements","display_name":"repurchase agreements","score":0.9990000128746033},{"id":"https://openalex.org/keywords/repos","display_name":"repos","score":0.6869999766349792},{"id":"https://openalex.org/keywords/counterparty-risk","display_name":"counterparty risk","score":0.6869999766349792},{"id":"https://openalex.org/keywords/haircuts","display_name":"haircuts","score":0.6959999799728394},{"id":"https://openalex.org/keywords/limited-commitment","display_name":"limited commitment","score":0.7419999837875366},{"id":"https://openalex.org/keywords/asset-price-fluctuations","display_name":"asset price fluctuations","score":0.5249999761581421},{"id":"https://openalex.org/keywords/borrowing-capacity","display_name":"borrowing capacity","score":0.6579999923706055},{"id":"https://openalex.org/keywords/collateral-value","display_name":"collateral value","score":0.33899998664855957}],"concepts":[{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.9209588170051575},{"id":"https://openalex.org/C2779143981","wikidata":"https://www.wikidata.org/wiki/Q1445414","display_name":"Intermediation","level":2,"score":0.764649510383606},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.61391282081604},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5615484714508057},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5442119836807251},{"id":"https://openalex.org/C2779312582","wikidata":"https://www.wikidata.org/wiki/Q1783272","display_name":"Counterparty","level":3,"score":0.5135881900787354},{"id":"https://openalex.org/C42628150","wikidata":"https://www.wikidata.org/wiki/Q169357","display_name":"Repurchase agreement","level":3,"score":0.41524776816368103},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3829740285873413},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.38125962018966675},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.30312106013298035},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.2736636996269226},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1984442174434662},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"pmh:oai:iris.unive.it:10278/3722528","doi":"https://doi.org/10.1016/j.red.2019.04.009","is_oa":true,"landing_page_url":"http://hdl.handle.net/10278/3722528","pdf_url":null,"source":{"id":"https://openalex.org/S4306402336","display_name":"ARCA (Universit\u00e0 Ca' Foscari Venezia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I149461666","host_organization_name":"Ca' Foscari University of Venice","host_organization_lineage":["https://openalex.org/I149461666"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"pmh:oai:iris.unive.it:10278/3722528","doi":"https://doi.org/10.1016/j.red.2019.04.009","is_oa":true,"landing_page_url":"http://hdl.handle.net/10278/3722528","pdf_url":null,"source":{"id":"https://openalex.org/S4306402336","display_name":"ARCA (Universit\u00e0 Ca' Foscari Venezia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I149461666","host_organization_name":"Ca' Foscari University of Venice","host_organization_lineage":["https://openalex.org/I149461666"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":44,"referenced_works":["https://openalex.org/W88052254","https://openalex.org/W306470812","https://openalex.org/W1419679869","https://openalex.org/W1512281208","https://openalex.org/W1559918777","https://openalex.org/W1983828396","https://openalex.org/W2047437177","https://openalex.org/W2052946452","https://openalex.org/W2062897441","https://openalex.org/W2107680812","https://openalex.org/W2112166821","https://openalex.org/W2120166711","https://openalex.org/W2129881428","https://openalex.org/W2137870173","https://openalex.org/W2139142975","https://openalex.org/W2146694056","https://openalex.org/W2149107726","https://openalex.org/W2171247542","https://openalex.org/W2203644032","https://openalex.org/W2219528925","https://openalex.org/W2268822900","https://openalex.org/W2292636093","https://openalex.org/W2511132432","https://openalex.org/W2549549909","https://openalex.org/W2799085520","https://openalex.org/W2891360945","https://openalex.org/W3093680811","https://openalex.org/W3112949408","https://openalex.org/W3121168636","https://openalex.org/W3121630491","https://openalex.org/W3122053548","https://openalex.org/W3122751798","https://openalex.org/W3122979711","https://openalex.org/W3123678896","https://openalex.org/W3124163990","https://openalex.org/W3124753284","https://openalex.org/W3125510114","https://openalex.org/W3125585754","https://openalex.org/W4229615182","https://openalex.org/W4248970772","https://openalex.org/W4254090008","https://openalex.org/W4296143067","https://openalex.org/W4312902592","https://openalex.org/W4400518129"],"related_works":["https://openalex.org/W7015598669","https://openalex.org/W4249762325","https://openalex.org/W2971898570","https://openalex.org/W4400518129","https://openalex.org/W2347002608","https://openalex.org/W2103343170","https://openalex.org/W7100800110","https://openalex.org/W4296143067","https://openalex.org/W2104241769","https://openalex.org/W7113669491"],"abstract_inverted_index":{"We":[0],"show":[1,81],"that":[2,82],"repurchase":[3],"agreements":[4],"(repos)":[5],"arise":[6,88],"as":[7],"the":[8,32,68,71],"instrument":[9],"of":[10,70,93],"choice":[11],"to":[12,63],"borrow":[13],"in":[14,25,31,35,89],"a":[15,75],"competitive":[16],"model":[17],"with":[18,53,91],"limited":[19],"commitment.":[20],"The":[21],"repo":[22],"contract":[23],"traded":[24],"equilibrium":[26],"provides":[27],"insurance":[28],"against":[29],"fluctuations":[30],"asset":[33,57,72],"price":[34],"states":[36],"where":[37],"collateral":[38],"value":[39],"is":[40,48],"high":[41],"and":[42,56,73],"maximizes":[43],"borrowing":[44],"capacity":[45],"when":[46],"it":[47],"low.":[49],"Haircuts":[50],"increase":[51],"both":[52],"counterparty":[54],"risk":[55],"risk.":[58],"In":[59],"equilibrium,":[60,90],"lenders":[61],"choose":[62],"re-use":[64],"collateral.":[65],"This":[66],"increases":[67],"circulation":[69],"generates":[74],"\u201ccollateral":[76],"multiplier\u201d":[77],"effect.":[78],"Finally,":[79],"we":[80],"intermediation":[83],"by":[84],"dealers":[85],"may":[86],"endogenously":[87],"chains":[92],"repos":[94],"among":[95],"traders.":[96]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":9},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":7},{"year":2019,"cited_by_count":9},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2021-02-01T00:00:00"}