国际货币基金组织：回购利率动态：交易商、对冲基金和发行的作用（英文版）

This paper analyses U.S. secured repo spreads by jointly looking into reserves, dealer balancesheet usage, hedge fund leverage, and Treasury issuance. Using a quantile regression framework, the results show that repo market dynamics are strongly state-dependent. Higher level of reserves consistently compress repo spreads to the Federal Reserve’s overninght reverse repo offering rate and remain the primary stabilizing force, particularly in tighter funding conditions. Hedge fund activity appea