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Bank Funding Risk, Reference Rates, and Credit Supply
Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated …
Harry Cooperman, Darrell Duffie, Stephan Luck, Zachry Wang, Yilin (David) Yang
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Bank Funding Risk, Reference Rates, and Credit Supply
Reserves were not so ample after all
We show that the likelihood of a liquidity crunch in wholesale US dollar funding markets is highly dependent on levels of reserve balances at the financial institutions that are the most active …
Adam Copeland, Darrell Duffie, Yilin (David) Yang
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Reserves were not so ample after all