Banks' Advantage in Hedging Liquidity Risk : Theory And Evidence From The Commercial Paper Market  

Oleh:

Strahan, Philip E. ; Gatev, Evan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 2 (Apr. 2006), page 867-892.
Topik: bank; banking industry; hedging; liquidity; economic conditions; studies; financial management
Fulltext: p 867.pdf (228.87KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Banks have a unique ability to hedge agains market wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in liquidity at lower cost than other institutions. We provide evidence that when liquidity dries up and commercial paper spreads widen, banks experience funding inflows. These flows allow banks to meet loan demand from borrowers drawing funds from commercial paper backup lines without running down their holdings of liquid assets. We also provide evidence that implicit government support for banks during crises explains these funding flows.

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