G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w24298
来源IDWorking 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
URLhttps://www.nber.org/papers/w24298
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581970
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GB/T 7714
Gary B. Gorton,Toomas Laarits. Collateral Damage. 2018.
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