全球现金狂潮：2020 年 3 月主权债券市场在不同司法管辖区的运作为何各不相同？

Economic Policy Review (Federal Reserve Bank of New York) Pub Date : 2023-12-01 DOI:10.59576/epr.29.3.1-29

Jordan Barone, Alain Chaboud, Adam Copeland, Cullen Kavoussi, Frank M. Keane, Seth Searls

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摘要

2020 年 3 月，与 COVID-19 大流行病相关的经济混乱促使全球投资者急于套现。这种抛售压力遍及发达经济体的主权债券市场，并导致市场功能恶化，引发央行干预。作者指出，这些市场混乱主要发生在美国国债市场，原因是投资者的抛售压力更为明显和广泛。此外，作者还根据对数据的分析以及与一系列市场参与者的接触，评估了各主权债券市场市场混乱的主要驱动因素的差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Global Dash for Cash: Why Sovereign Bond Market Functioning Varied across Jurisdictions in March 2020

In March 2020, the economic disruptions associated with the COVID-19 pandemic prompted a global dash for cash by investors. This selling pressure occurred across advanced-economy sovereign bond markets and caused a deterioration in market functioning, leading to central bank interventions. The authors show that these market disruptions occurred disproportionately in the U.S. Treasury market and were due to investors’ selling pressures being far more pronounced and broad-based. Furthermore, the authors assess differences in key drivers of the market disruptions across sovereign bond markets, based on an analysis of the data as well as outreach to a range of market participants.

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