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...