Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/120782 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Staff Report No. 673
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities - the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) - that provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to borrowing from the facilities were more likely to participate in the programs, borrow more, and - in the case of the TSLF - at higher bidding rates. Dealers with less liquid collateral on their balance sheets before the facilities were introduced also tended to borrow more. There also appear to be some interaction effects between financial performance and balance sheet liquidity in explaining dealer behavior. The results suggest that both financial performance and balance sheet liquidity play a role in LOLR utilization.
Schlagwörter: 
lender of last resort
central banking
crises
illiquidity
insolvency
stigma
JEL: 
G01
G28
E58
D44
Dokumentart: 
Working Paper

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