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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w22774 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w22774 |
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/580447 |
推荐引用方式 GB/T 7714 | Nathan Foley-Fisher,Borghan Narajabad,Stephane Verani. Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry. 2016. |
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 | ||
w22774.pdf(1041KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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