What financing data reveal about dealer leverage
The Federal Reserve collects data on the financing activities of the primary government securities dealers. Some market analysts argue that the data show a considerable rise in dealer leverage in recent years. However, a close reading of the data suggests that dealer borrowing involving fixed-income securities has grown only modestly. Moreover, the increase that has occurred is not clearly associated with greater risk taking.
Volume (Year): 11 (2005)
Issue (Month): Mar ()
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- Sanford J. Grossman & Jean-Juc Vila, .
"Optimal Dynamic Trading with Leverage Constraints,"
Rodney L. White Center for Financial Research Working Papers
36-89, Wharton School Rodney L. White Center for Financial Research.
- Adrian, Tobias, 2009.
"Inference, arbitrage, and asset price volatility,"
Journal of Financial Intermediation,
Elsevier, vol. 18(1), pages 49-64, January.
- Arturo Estrella & Frederic S. Mishkin, 1996. "The yield curve as a predictor of U.S. recessions," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 2(Jun).
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