Crisis liquidity facilities with nonbank counterparties: Lessons from the term Asset-Backed Securities Loan Facility

Arbeitspapier

The Term Asset-Backed Securities Loan Facility (TALF), which addressed strains in the asset-backed securities market, was an unusual crisis facility because it provided loans to a wide range of nonbank financial institutions. Using new, detailed loan-level data, we study whether institutional differences across nonbanks affected nonbanks' support for key program goals-stabilizing markets quickly, winding down the program when conditions normalized, providing liquidity to a wide range of assets, and internalizing credit risk rather than shifting it to the government. As the program terms were the same for all TALF borrowers, our study can examine the role of institutional constraints.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. WP 2022-11

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies ; Asset Pricing; Trading Volume; Bond Interest Rates ; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
• Thema: Nonbank Financial Institutions ; Securitization ; Lender of Last Resort ; Term Asset-Backed Securities Loan Facility ; TALF

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Meisenzahl, Ralf R. ; Pence, Karen M.
• Ereignis: Veröffentlichung
• (wer): Federal Reserve Bank of Chicago
• (wo): Chicago, IL
• (wann): 2022

Weitere Informationen

• DOI: doi:10.21033/wp-2022-11
• Handle: http://hdl.handle.net/10419/264325
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ