Dealer financial conditions and lender-of-last-resort facilities

被引：17

作者：

Acharya, Viral V. ^{[1
,2
,3
]}

Fleming, Michael J. ^{[4
]}

Hrung, Warren B. ^{[4
]}

Sarkar, Asani ^{[4
]}

机构：

[1] NYU, Leonard N Stern Sch Business, 550 1St Ave, New York, NY 10012 USA

[2] Ctr Econ Policy Res, London EC1V 0DX, England

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

[4] Fed Reserve Bank New York, New York, NY 10045 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 123卷 / 01期

关键词：

Lender of last resort; Central banking; Crises; Illiquidity; Insolvency; Stigma; BANKING; STIGMA; CRISIS;

D O I：

10.1016/j.jfineco.2015.12.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) that provided liquidity against a range of assets during 2008-2009. Dealers with lower equity returns and greater leverage prior to borrowing from the facilities were more likely to participate in the programs, borrow more, and, in the case of the TSLF, at higher bidding rates. Dealers with less liquid collateral on their balance sheets before the facilities were introduced also tended to borrow more. The results suggest that both financial performance and balance sheet liquidity play a role in LOLR utilization. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：81 / 107

页数：27

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