The Global Dash for Cash in March 2020

Jordan Barone, Alain P. Chaboud, Adam Copeland, Cullen Kavoussi, Frank M. Keane and Seth Searls
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Alain P. Chaboud: https://www.federalreserve.gov/econres/alain-chaboud.htm

No 20220712, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The economic disruptions associated with the COVID-19 pandemic sparked a global dash-for-cash as investors sold securities rapidly. This selling pressure occurred across advanced sovereign bond markets and caused a deterioration in market functioning, leading to a number of central bank actions. In this post, we highlight results from a recent paper in which we show that these disruptions occurred disproportionately in the U.S. Treasury market and offer explanations for why investors’ selling pressures were more pronounced and broad-based in this market than in other sovereign bond markets.

Keywords: sovereign bond markets; financial crisis; COVID-19 (search for similar items in EconPapers)
JEL-codes: E63 G01 G1 I1 (search for similar items in EconPapers)
Date: 2022-07-12
New Economics Papers: this item is included in nep-mon
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