What financing data reveal about dealer leverage

Tobias Adrian and Michael Fleming

Current Issues in Economics and Finance, 2005, vol. 11, issue Mar

Abstract: 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)
Date: 2005
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