What financing data reveal about dealer leverage

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.

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Year of publication:	2005
Authors:	Adrian, Tobias ; Fleming, Michael J.
Published in:	Current Issues in Economics and Finance. - Federal Reserve Bank of New York. - Vol. 11.2005, Mar, 3
Publisher:	Federal Reserve Bank of New York
Subject:	Government securities \| Interest rates \| Risk

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Extent:	text/html application/pdf
Type of publication:	Article
Language:	English
Source:	RePEc - Research Papers in Economics

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