We study a model in which a risk-pooling intermediary such as a money market mutual fund (MMMF) is exposed to runs. In addition to providing risk-pooling services to investors, the MMMF lends funds to borrowers secured by collateral as in security repurchase transactions which are frequently...

Repurchase agreements ("repos") play a significant role in global credit market activity. Therefore, the individual decisions of repo market participants can weigh heavily on the broader economy. In order to analyze the decisions of these participants, our framework studies security repurchase...

During the Global Financial Crisis, there were increasing concerns about the effects of mortgage market activity on the stability of the financial system. Given the important role of banks for extending mortgage funding, how does the legal environment regarding mortgage default impact mortgage...

During the Global Financial Crisis, there were increasing concerns about the effects of mortgage market activity on the stability of the financial system. Given the important role of banks for extending mortgage funding, how does the legal environment regarding mortgage default impact mortgage...