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Persistent link: https://www.econbiz.de/10013192725
We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks. Using a unique security-level data set, we find that the European Central Bank's three-year Long-Term Refinancing...
Persistent link: https://www.econbiz.de/10011975661