Dealer Funding and Market Liquidity

M. Bruche and J. C.-F. Kuong are co-first authors. The authors thank Will Cong (Department Editor), the Associate Editor, the anonymous referees, Bruno Biais, Darrell Duffie, Itay Goldstein, Denis Gromb, Christian Opp, Chaojun Wang; our discussants Sabrina Buti, Jean-Edouard Colliard, Vincent Glode, Sebastian Infante, Peter Kondor, Samarpan Nawn, David Pothier, Pierre-Olivier Weill, Yizhou Xiao, Kostas Zachariadis, and Jing Zeng; and seminar and conference participants at INSEAD, Cass Business School, Banca d’Italia, U Exeter, Stockholm School of Economics, EuroFIT 2018 (UCL), PBCSF Tsinghua, NYU Shanghai, SGF 2019, CFIC 2019, Fed Board, Wharton, FTG Meeting 2019 (CMU), U Vienna, The 1st CUHK-FIRS Conference on Corporate Finance and Financial Intermediation, WFA 2019, FTG Summer Meeting 2019 (Madrid), Goethe U, ESSFM 2019 (Gerzensee), HKIMR, EFA 2019, Bundesbank, CERF-CFTS 2019, SEC DERA, INSEAD Finance Symposium 2021, ESSEC, and EBC Network Conference 2022 for helpful comments.