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Assessing Credit Risk in Money Market Fund Portfolios
Collins, Sean; Gallagher, Emily - Volkswirtschaftliche Fakultät, … - 2014
estimate the credit default swap premium (CDS) needed to insure each fund’s portfolio against credit losses. We also calculate … outlook of banks in the Asia-Pacific region. Finally, we find evidence that the SEC’s 2010 liquidity and weighted average life …
Persistent link: https://www.econbiz.de/10011108102
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Credit Default Swaps: A Survey
Augustin, Patrick; Subrahmanyam, Marti G.; Tang, Dragon … - In: Foundations and Trends(R) in Finance 9 (2014) 1-2, pp. 1-196
market efficiency, price discovery, information flow, and liquidity. Attention is also paid to the CDS-bond basis, the wedge …, including bond issuance, capital structure, liquidity management, and corporate governance. The sixth section analyzes how CDS …Credit default swaps (CDS) have been growing in importance in the global financial markets. However, their role has …
Persistent link: https://www.econbiz.de/10011103415
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Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - Federal Reserve Board (Board of Governors of the … - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10011255343
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Overnight RRP operations as a monetary policy tool: some design considerations
Martin, Antoine; Remache, Julie Ann; Frost, Joshua; … - Federal Reserve Bank of New York - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10011184286
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Gates, fees, and preemptive runs
Cipriani, Marco; McCabe, Patrick E.; Parigi, Bruno - Federal Reserve Bank of New York - 2014
We build a model of a financial intermediary, in the tradition of Diamond and Dybvig (1983), and show that allowing the intermediary to impose redemption fees or gates in a crisis—a form of suspension of convertibility—can lead to preemptive runs. In our model, a fraction of investors...
Persistent link: https://www.econbiz.de/10011027237
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Legal protection of investors, corporate governance, and investable premia in emerging markets
Kinsella, Stephen; O'Connor, Thomas; O'Sullivan, Vincent - Geary Institute, University College Dublin - 2011
We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, and investable premia in emerging markets. In a multi country setting and using a novel dataset we find that better-governed firms experience...
Persistent link: https://www.econbiz.de/10009249165
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Credit Derivatives in Managing Off Balance Sheet Risks by Banks
Cakir, Murat - Volkswirtschaftliche Fakultät, … - 2001
Credit risk has been a worrying type of risk for financial managers. Fortunately, a recent market development –credit derivatives- has made the credit risk more manageable. The loan portfolio management has become more practicable than it used to be in the past. However, credit derivatives are...
Persistent link: https://www.econbiz.de/10011112915
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Financial innovation in sovereign borrowing and public provision of liquidity
Gómez-González, Patricia - Banco de España - 2015
investment and welfare. I propose a model where public debt has a liquidity purpose for the domestic private sector and is … domestic private sector demands the safe bonds. Safe bonds lower the cost of liquidity hoarding for the private sector which …
Persistent link: https://www.econbiz.de/10011255225
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A Cross-country Study of Corporate Financial Structure and the Flexibility Issue
Rivaud-Danset, Dorothée - In: Journal of Economics and Statistics (Jahrbuecher fuer … 221 (2001) 5-6, pp. 689-709
liquidity. For non-financial firms, sources of liquidity are twofold: internal, by keeping cash, and external, through a … differences by focusing on corporate liquidity. …
Persistent link: https://www.econbiz.de/10008633365
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Financing with Receivables: Factoring, Securitization and Collateral
Benea, Ioana; Duma, Florin - In: Finante - provocarile viitorului (Finance - Challenges … 1 (2013) 15, pp. 79-86
Short term financing is vital for the financial survival of any company, because very often they are facing deficits of cash during their activity. Therefore a company has to identify the optimal solutions in order to cover those (temporary) deficits. A good solution to this problem is the...
Persistent link: https://www.econbiz.de/10010819465