| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27559 |
| 来源ID | Working Paper 27559 |
| Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets | |
| Antonio Falato; Itay Goldstein; Ali Hortaçsu | |
| 发表日期 | 2020-07-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In the decade following the financial crisis of 2008, investment funds in corporate bond markets became prominent market players and generated concerns of financial fragility. The COVID-19 crisis provides an opportunity to inspect their resilience in a major stress event. Using daily microdata, we document major outflows in corporate-bond funds during the COVID-19 crisis. Large outflows were sustained over weeks and most severe for funds with illiquid assets, vulnerable to fire sales, and exposed to sectors hurt by the crisis. By providing a liquidity backstop for their bond holdings, the Federal Reserve bond purchase program helped to reverse outflows especially for the most fragile funds. In turn, the program had spillover effects on primary market issuance and peer funds. The evidence points to a "bond-fund fragility channel" whereby the Fed liquidity backstop transmits to the real economy via funds. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; COVID-19 |
| URL | https://www.nber.org/papers/w27559 |
| 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/585232 |
| 推荐引用方式 GB/T 7714 | Antonio Falato,Itay Goldstein,Ali Hortaçsu. Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets. 2020. |
| 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 | ||
| w27559.pdf（574KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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