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
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
Journal title :
Journal of Monetary Economics
