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” transactions, where the value of the bonds that pension funds owned and could lend out in bond sale and repurchase derivative … rate swap transactions, potentially mis-sold to or mis-bought by pension funds from banks, where banks were providing fixed … banks. Problems then occurred when GBP interest rates spiked and the swap net present values NPVs or mark to market values …
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Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of...
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