Name: International Finance Discussion Papers: The Fragility of Discretionary Liquidity Provision Lessons from the Collapse of the Auction Rate Securities M (en Inglés)
Price: 443.86 MXN
Availability: InStock
Author: United States Federal Reserve Board ; Han, Song ; Li, Dan
ISBN: 9781288704217

Envío gratis

portada International Finance Discussion Papers: The Fragility of Discretionary Liquidity Provision Lessons from the Collapse of the Auction Rate Securities M (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Dan Li

Song Han

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.3 cm

Peso

0.13 kg.

ISBN13

9781288704217

Categorías

Política y gobierno

International Finance Discussion Papers: The Fragility of Discretionary Liquidity Provision Lessons from the Collapse of the Auction Rate Securities M (en Inglés)

United States Federal Reserve Board (Autor) · Dan Li (Autor) · Song Han (Autor) · Bibliogov · Tapa Blanda

Libro Nuevo

$ 443.86

$ 739.76

Ahorras: $ 295.91

40% descuento

Envío normal

Origen: Estados Unidos (Costos de importación incluídos en el precio)

Se enviará desde nuestra bodega entre el Martes 16 de Julio y el Miércoles 24 de Julio.

Lo recibirás en cualquier lugar de México entre 1 y 3 días hábiles luego del envío.

Reseña del libro "International Finance Discussion Papers: The Fragility of Discretionary Liquidity Provision Lessons from the Collapse of the Auction Rate Securities M (en Inglés)"

We study the fragility of discretionary liquidity provision by major financial intermediaries during systemic events. The laboratory of our study is the recent collapse of the auction rate securities (ARS) market. Using a comprehensive dataset constructed from auction reports and intraday transactions data on municipal ARS, we present quantitative evidence that auction dealers acted at their own discretion as "market makers" before the market collapsed. We show that this discretionary liquidity provision greatly affected both net investor demand and auction clearing rates. Importantly, such discretionary liquidity provision is fragile. As auction dealers suffered losses from other financial markets and faced increasing inventory pressure, they stopped making markets. Moreover, the drop in support occurred suddenly, apparently triggered by the unexpected withdrawal of one major broker-dealer.