Trends and Cycles in the Commercial Paper Market PDF Download
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Author: Richard T. Selden
Publisher:
ISBN:
Category : Commercial finance companies
Languages : en
Pages :
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Author: Richard T. Selden
Publisher:
ISBN:
Category : Commercial finance companies
Languages : en
Pages :
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Author: Richard T. Seldon
Publisher:
ISBN:
Category : Technology & Engineering
Languages : en
Pages : 140
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Author: Tobias Adrian
Publisher: DIANE Publishing
ISBN: 1437929303
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
The Federal Reserve (FR) created the Commercial Paper Funding Facility (CPFF) in the midst of severe disruptions in money markets following the bankruptcy of Lehman Bros. on Sept. 15, 2008. The CPFF finances the purchase of highly rated unsecured and asset-backed commercial paper from eligible issuers via primary dealers. The facility is a liquidity backstop to U.S. issuers of commercial paper, and its creation was part of a range of policy actions undertaken by the FR to provide liquidity to the financial system. This report documents aspects of the financial crisis relevant to the creation of the CPFF, reviews the operation of the CPFF, discusses use of the facility, and draws conclusions for lender-of-last-resort facilities. Charts and tables.
Author:
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ISBN:
Category : United States
Languages : en
Pages : 1060
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 106
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Author: Charles W. Calomiris
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 58
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Book Description
Little is known about the characteristics of individual commercial paper issuers, or about the reasons for the countercyclical issuance of commercial paper in the aggregate. To address these issues we construct a new panel dataset linking Moody's data on commercial paper issues with Standard and Poor's Compustat. High credit quality is a requirement for entry into the commercial paper market, but long-term credit quality (bond rating) is not a sufficient statistic for short-term quality. These characteristics allow firms to issuenear-riskless short-term debt and supply a near-money asset to themarket, thereby reducing their interest costs by the amount of the" commercial paper liquidity premium. We find that low-credit-quality firms have higher stocks of inventories and financial assets. In contrast to the countercyclicality of aggregate commercial paper, we find that firm-level commercial paper is procyclical. Our data support three explanations for this apparent contradiction, all of which recognize that commercial paper issuers are atypical. First, firms of high credit quality can use commercial paper to finance inventory accumulation during downturns. Second, they also can use commercial paper to finance countercyclical increases in accounts receivable. This suggests that commercial paper issuers serve as intermediaries for other firms during downturns. Third, it may be that portfolio demand for commercial paper -- a highly liquid, safe asset -- increases during downturns
Author: Nevins D. Baxter
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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Author: Julian Alworth
Publisher:
ISBN:
Category : Commercial paper issues
Languages : en
Pages : 122
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Author: John Fred Weston
Publisher: Belmont, Calif. : Wadsworth Publishing Company
ISBN:
Category : Corporations
Languages : en
Pages : 516
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Author: American Statistical Association
Publisher:
ISBN:
Category : Electronic journals
Languages : en
Pages : 1470
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Book Description
A scientific and educational journal not only for professional statisticians but also for economists, business executives, research directors, government officials, university professors, and others who are seriously interested in the application of statistical methods to practical problems, in the development of more useful methods, and in the improvement of basic statistical data.
