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Federal Reserve Bank of New York
Economic Policy Review
Case studies on disruptions during the crisis
Tanju Yorulmazer

The 2007-09 financial crisis saw many funding mechanisms challenged by a drastic reduction in market liquidity, a sharp increase in the cost of transactions, and, in some cases, a drying-up in financing. This article presents case studies of several key financial markets and intermediaries under significant distress at this time. For each case, the author discusses the size and evolution of the funding mechanism, the sources of the disruptions, and the policy responses aimed at mitigating distress and making markets more liquid. The review serves as a reference on the vulnerabilities of funding structures and is useful for those considering the scope and design of reform efforts.

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Tanju Yorulmazer, "Case studies on disruptions during the crisis" , Federal Reserve Bank of New York, Economic Policy Review, issue Feb, pages 17-28, 2014.
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Keywords: Wholesale funding; Money market mutual funds; Commercial paper; Repo; Dollar swap lines; Asset-backed commercial paper
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