Title of article
Securitizationmarketsandcentralbanking:Anevaluationofthe term asset-backedsecuritiesloanfacility
Author/Authors
Sean Campbell، نويسنده , , DanielCovitz، نويسنده , , WilliamNelson، نويسنده , , KarenPence، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2011
Pages
14
From page
518
To page
531
Abstract
In responsetothenearcollapseofUSsecuritizationmarketsin2008,theFederal
ReservecreatedtheTermAsset-BackedSecuritiesLoanFacility,whichofferednon-
recourseloanstofinanceinvestors’purchasesofcertainhighlyratedasset-backed
securities.Westudytheeffectsofthisprogramandfindthatitloweredinterestrate
spreadsforsomecategoriesofasset-backedsecuritiesbuthadlittleimpactonthe
pricingofindividualsecurities.Thesefindingssuggestthattheprogramimproved
conditionsinsecuritizationmarketsbutdidnotsubsidizeindividualsecurities.Wealso
find thattheriskoflosstotheUSgovernmentwassmall
Keywords
SecuritizationFinancial crisisMonetary policyDiscount windowLender oflastresort
Journal title
Journal of Monetary Economics
Serial Year
2011
Journal title
Journal of Monetary Economics
Record number
846490
Link To Document