There is another solution as well: repo users could be made to pay for their privileges and the costs that they impose on the rest of the economy. They could be charged a few basis points per annum in government fees in order to align repos’ private price with their social cost.
还有一种解决方案：回购协议使用者必须为债权的优先地位和他们给经济中的其他人带来的成本买单。可以以政府费用的形式对他们课以每年几个基点的利息，从而使回购协议的私人价格与社会成本相匹配。这样做既可以为金融市场的这个部分带来更严格的市场纪律，又不会要求更多的监管。