Search Results

Showing results 1 to 1 of approximately 1.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:liquidity backstop 

Working Paper
Liquidity backstops and dynamic debt runs

Liquidity backstops have important implications for financial stability. In this paper, we provide a microfoundation for the important role of liquidity backstops in mitigating runs (or, conversely, the role of the lack of liquidity backstops in exacerbating runs) based on a dynamic model of debt runs. We focus on the municipal bond markets for variable rate demand obligations (VRDOs) and auction rate securities (ARS). The different experiences in these markets during the recent financial crisis of 2007?09 provide a natural experiment to identify the value of a liquidity backstop in ...
FRB Atlanta Working Paper , Paper 2015-13

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

G10 1 items

G20 1 items

G21 1 items

FILTER BY Keywords

PREVIOUS / NEXT