کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5088048 | 1478292 | 2017 | 29 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Reprint of: Thawing frozen capital markets and backdoor bailouts: Evidence from the Fed's liquidity programs
ترجمه فارسی عنوان
چاپ مجدد: افتتاح بازارهای سرمایه یخ زده و کمک های بلافاصله: شواهد از برنامه های نقدشوندگی بانک فدرال
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
During the subprime crisis, the Federal Reserve introduced several emergency liquidity programs as supplements to the discount window (DW): TAF, PDCF, and TSLF. Using data on loans to large commercial banks and primary dealers, we find that the programs were used by relatively few institutions and thus provided limited relief to banks that relied on short-term debt markets. Although usage increased after Lehman's bankruptcy, most commercial banks avoided the DW and TAF. We also find that the programs were more often used by failed European banks than by healthy US banks, likely because these loans are expensive relative to private market funds. Our results also show that usage of PDCF and TSLF programs, while higher, was more often used by primary dealers in weaker financial position.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 83, October 2017, Pages 193-220
Journal: Journal of Banking & Finance - Volume 83, October 2017, Pages 193-220
نویسندگان
Jean Helwege, Nicole M. Boyson, Jan Jindra,