全球智库信息集成服务系统(G2TT): Collateral Damage

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24298
来源ID	Working Paper 24298
	Collateral Damage
	Gary B. Gorton; Toomas Laarits
发表日期	2018-02-12
出版年	2018
语种	英语
摘要	A financial crisis is an event in which the holders of short-term debt come to question the collateral backing that debt. So, the resiliency of the financial system depends on the quality of that collateral. We show that there is a shortage of high-quality collateral by examining the convenience yield on short-term debt, which summarizes the supply and demand for short-term safe debt, taking into account the availability of high-quality collateral. We then show how the private sector has responded by issuing more (unsecured) commercial paper at shorter maturities. The results suggest that there is a shortage of safe debt now compared to the pre-crisis period, implying that the seeds for a new shadow banking system to grow exist.
主题	Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w24298
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/581970
推荐引用方式 GB/T 7714	Gary B. Gorton,Toomas Laarits. Collateral Damage. 2018.