How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility

The events following Lehman's failure in 2008 and the current turmoil emanating from Europe highlight the structural vulnerabilities of short-term credit markets and the role of central banks as back-stop liquidity providers. The Federal Reserve's response to financial disruptions in the U...

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Bibliographic Details
Published in:The Journal of finance (New York) 2013-04, Vol.68 (2), p.715-737
Main Authors: DUYGAN-BUMP, BURCU, PARKINSON, PATRICK, ROSENGREN, ERIC, SUAREZ, GUSTAVO A., WILLEN, PAUL
Format: Article
Language:English
Subjects:
Assets
Bank liquidity
Bank loans
Banking
Bond markets
Central banks
Commercial paper
Credit market
Economic crisis
Estimators
Europe
Federal Reserve Bank
Financial crisis
Financial institutions
Financial services
Funding liquidity
Investment trusts
Liquidity
Markets
Monetary liquidity
Money
Money market
Money market mutual funds
Money markets
Mutual funds
Short term financing
Studies
U.S.A
Yield
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