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来源类型Working Paper
规范类型报告
DOI10.3386/w22774
来源IDWorking Paper 22774
Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry
Nathan Foley-Fisher; Borghan Narajabad; Stephane Verani
发表日期2016-10-31
出版年2016
语种英语
摘要The existing literature assumes that securities lenders primarily respond to demand from securities borrowers and reinvest their cash collateral in short-term markets. We offer compelling evidence for a supply channel, using new data matching U.S. life insurers' individual bond lending and reinvestment decisions to the universe of securities lending transactions. We show that an insurer's decision to lend a bond is positively correlated with liquidity transformation in its lending program, even after controlling for demand for that bond. We discuss how using securities lending cash collateral as a source of wholesale funding might impair securities markets in times of stress.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions
URLhttps://www.nber.org/papers/w22774
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/580447
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Nathan Foley-Fisher,Borghan Narajabad,Stephane Verani. Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry. 2016.
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