全球智库信息集成服务系统(G2TT): Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w9956
来源ID	Working Paper 9956
	Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market
	Evan Gatev; Philip E. Strahan
发表日期	2003-09-08
出版年	2003
语种	英语
摘要	This paper argues that banks have a unique ability to hedge against market-wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in market liquidity. Consequently, one dimension of bank specialness' is that banks can insure firms against systematic declines in market liquidity at lower cost than other financial institutions. We provide supporting empirical evidence from the commercial paper (CP) market. When market liquidity dries up and CP spreads increase, banks experience funding inflows. These flows allow banks to meet increased loan demand from borrowers drawing funds from pre-existing commercial paper backup lines, without running down their holdings of liquid assets. Moreover, the supply of cheap funds is sufficiently large so that pricing on new lines of credit actually falls as market spreads widen.
主题	Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w9956
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/567581
推荐引用方式 GB/T 7714	Evan Gatev,Philip E. Strahan. Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market. 2003.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w9956.pdf（497KB）	智库出版物		限制开放	CC BY-NC-SA	浏览