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Finance and Economics Discussion Series: The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market by Daniel M. Covitz, United States Federal Reserve Board, Et Al - Paperback
64.05 درهم

Finance and Economics Discussion Series: The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market by Daniel M. Covitz, United States Federal Reserve Board, Et Al - Paperback

كن أول من يقيِّم هذا المنتج 

64.05 درهم 

  - ستوفر -64.05 درهم
الأسعار تشمل ضريبة القيمة المضافة  التفاصيل
الشحن مجاني التفاصيل
رقم ال ISBN
9781288704835
الفئات
سياسة
الكاتب
Daniel M. Covitz, United States Federal Reserve Board, Et Al
الناشر
Bibliogov
الوصف:

The $350 billion contraction in the asset-backed commercial paper (ABCP) market in the last five months of 2007 played a central role in transforming concerns about the credit quality of mortgage-related assets into a global financial crisis. This paper attempts to better understand why the substantial contraction in ABCP occurred by measuring and analyzing runs on ABCP programs over the ...

تشحن من الولايات المتحدة
اشحن الى دبي (تغيير المدينة)
التوصيل خلال الإثنين ٤ يونيو - الأربعاء ٦ يونيو الي دبي

حالة السلعة:
جديدة
البائع:
InternationalBookStore (88% تقييم ايجابي)

معلومات المنتج

  •  

    المواصفات

    رقم ال ISBN
    9781288704835
    الفئات
    سياسة
    الرقم المميز للسلعة
    2724354410749
    المؤلفين
    الكاتب
    Daniel M. Covitz, United States Federal Reserve Board, Et Al
    المؤلفين
    الناشر
    Bibliogov
    رقم ال ISBN
    9781288704835
    الفئات
    سياسة
    الرقم المميز للسلعة
    2724354410749
    المؤلفين
    الكاتب
    Daniel M. Covitz, United States Federal Reserve Board, Et Al
    المؤلفين
    الناشر
    Bibliogov
    معلومات تقنية
    غلاف الكتاب
    غلاف عادي
    اللغات والبلدان
    لغة الكتاب
    الانجليزية
    إقرأ المزيد
  •  

    الوصف:

    The $350 billion contraction in the asset-backed commercial paper (ABCP) market in the last five months of 2007 played a central role in transforming concerns about the credit quality of mortgage-related assets into a global financial crisis. This paper attempts to better understand why the

    The $350 billion contraction in the asset-backed commercial paper (ABCP) market in the last five months of 2007 played a central role in transforming concerns about the credit quality of mortgage-related assets into a global financial crisis. This paper attempts to better understand why the substantial contraction in ABCP occurred by measuring and analyzing runs on ABCP programs over the period from August 2007 through December 2007. While it has been suggested that commercial paper programs, like commercial banks, may be prone to runs, we are the first to conduct a comprehensive empirical analysis of runs in the ABCP market using a rich and novel issue-level data set for all ABCP programs in the U.S. market. A program is defined as being run when it does not issue new paper during a week despite having a substantial share of its outstandings scheduled to mature, and then continuing in a run until it issues. We find evidence of extensive runs: more than 100 programs (one-third of all ABCP programs) were in a run within weeks of the onset of the turmoil and the odds of subsequently leaving the run state were very low. We interpret this finding as an indication that the ABCP market was subject to a bank-like "panic." We also find that while runs were linked to credit and liquidity exposures of individual programs, runs were also related importantly to non-program specific variables in the first several weeks of the turmoil, indicating that runs were relatively indiscriminate during the early part of the panic. Thus the ABCP market may be inherently unstable and a source of systemic risk.

    خصائص المنتج:
    • الفئات: سياسة
    • غلاف الكتاب: غلاف عادي
    • لغة الكتاب: الانجليزية
    • الكاتب: Daniel M. Covitz, United States Federal Reserve Board, Et Al
    • الناشر: Bibliogov
    • رقم ال ISBN: 9781288704835
    • عدد الصفحات: 50
    • لأبعاد (الارتفاع*العرض*العمق): 9.69 x 7.44 x 0.1 inches
 

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