What financing data reveal about dealer leverage
Michael Fleming () and
Tobias Adrian ()
Current Issues in Economics and Finance, 2005, issue mar
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.
Keywords: Risk; Interest rates; Government securities (search for similar items in EconPapers)
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