Exchanges for Government Bonds? Evidence During COVID-19

The authors thank Itay Goldstein, Sebastian Infante, and Clara Vega for valuable discussions; Evangelos Benos, Dobrislav Dobrev, Mathias Drehmann, Darrell Duffie, Egemen Eren, Michael Fleming, Nick Roussanov, Andreas Schrimpf, Daniel Smith, and Amir Yaron, as well as participants at the 2021 CEBRA annual meeting, the 16th Central Bank Conference on the Microstructure of Financial Markets, and the Darrell Duffie PhD Mentorship and Student Celebration; Tel Aviv Stock Exchange and Tradeweb for providing the data; and Eden Anavim, Conor Breck, Uri Enzel, Sigal Nurani, Ariel Zigler, and Gal Zweigel for excellent research assistance. The views presented are those of the authors and not necessarily of the Bank of Israel.