Kacperczyk, Marcin; Schnabl, Philipp - In: Journal of Economic Perspectives 24 (2010) 1, pp. 29-50
Commercial paper is a short-term debt instrument issued by large corporations. The commercial paper market has long been viewed as a bastion of high liquidity and low risk. But twice during the financial crisis of 2007-2009, the commercial paper market nearly dried up and ceased being perceived...