2. Convenience Lost

2000s short-term convenience yield is positive but lower than long-term, 2020s around short-term c.y. still positive but higher than long-term which is negative.

3. Lenders Forbearance before a repo run

回购市场中贷款人在流动性危机前的宽容行为。

7. The Role of Relationship in the Repo Market: The Good, the Bad, and the Ugly.

回购市场：抵押贷款

haircut, interest rate, volume 三个维度均衡

pledge repo质押式回购，占90%

中国repo市场数据要求披露，是一个很不错的数据库

中国四大行单向，只借钱出去。对比美国，JP摩根，做市，有买有卖

构建双向、借款、贷款者关系测度

Good Relationship，内生性问题，selection.关系好，volume多，rate低。

The Bad: Liquidity Crunch

The Ugly: 包商银行事件

OCT市场

need a model equilibrium

8. The financial Revolution in Republican China in 1920-1935