Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market
收藏NBER2003-09-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w9956
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资源简介：
This paper argues that banks have a unique ability to hedge against market-wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in market liquidity. Consequently, one dimension of bank specialness' is that banks can insure firms against systematic
提供机构：
美国国家经济研究局
创建时间：
2003-09-01
