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The book offers unmatched depth on the specific assets traded in the multi-trillion-dollar short-term debt landscape. Instrument Description Primary Risk Overnight loans between banks to meet reserve obligations. Counterparty default risk. Repurchase Agreements (Repos) Marcia Stigum Money Market Pdf Download
is the definitive reference manual for institutional investors, analysts, and finance professionals exploring the short-term fixed-income landscape. Originally published by Marcia Stigum in 1978, this textbook provides an exhaustive overview of the instruments, mechanisms, and participants driving global debt ecosystems. Financial institutions rely on the text to understand the mechanical operations of domestic and Eurodollar banking operations. : This article is for informational purposes only
Before the 2008 crisis, repos were obscure; now they are front-page news. Stigum explains the "haircut," the maturity dates (overnight vs. term), and the legal risks. Her framework is why central banks still use repos to inject liquidity. Counterparty default risk