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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. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w24298.pdf(239KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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