Acharya, Viral V; Schnabl, Philipp; Suarez, Gustavo - C.E.P.R. Discussion Papers - 2012
We analyze asset-backed commercial paper conduits, which experienced a shadow-banking "run" and played a central role in the early phase of the financial crisis of 2007-09. We document that commercial banks set up conduits to securitize assets worth $1.3 trillion while insuring the newly...