@article{Counterparties:1168,
      recid = {1168},
      author = {Tomura, Hajime},
      title = {A Note on Central Counterparties in Repo Markets},
      publisher = {Bank of Canada},
      address = {2012},
      pages = {1 online resource (iii, 19 pages)},
      abstract = {The author introduces a central counterparty (CCP) into a  model of a repo market. Without the CCP, there exist  multiple equilibria in the model. In one of the equilibria,  a repo market emerges as bond dealers and cash investors  choose to arrange repos in an over-the-counter bond market.  In another equilibrium, the repo market collapses due to  aggregate cash shortage for dealers. Introducing a CCP into  the repo market blocks the latter equilibrium. This  stabilizing effect of a CCP is robust to idiosyncratic  default risk of dealers and asymmetric information about  the risk.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1168},
      doi = {https://doi.org/10.34989/sdp-2012-4},
}