Abstract This paper provides a model that links rehypothecation, collateral allocation, and aggregate output. Rehypothecation enhances liquidity provision in normal times as it economizes on scarce collateral, but it can lead to a sharp downturn in crises. The model shows that (i) the size of crisis and the recovery speed can vary across shocks of relatively modest different magnitudes, (ii) poor economic conditions can lead to improved collateral allocation and greater future output via the impact on agents’ decisions on rehypothecation. The model offers a testable prediction of a relation between the volume of rehypothecation, the allocation of collateral, and the aggregate productivity.

中文翻译：

---

抵押品再利用、抵押品错配和金融危机

摘要 本文提供了一个将再抵押、抵押品分配和总产出联系起来的模型。再抵押在正常时期提高了流动性供应，因为它节省了稀缺的抵押品，但它可能导致危机急剧下降。该模型表明，(i) 危机的规模和复苏速度可能因相对温和的不同幅度的冲击而异，(ii) 经济状况不佳可能会通过影响代理人再抵押决策来改善抵押品分配和更大的未来产出. 该模型提供了再抵押量、抵押品分配和总生产力之间关系的可测试预测。