The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market
Abstract
Banks have a unique ability to hedge against market‐wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in market liquidity. Consequently, banks can insure firms against systematic 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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Cites
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
Some evidence on the empirical significance of credit rationing
Berger, A. N., & Udell, G. F. (1992) · Journal of Political Economy · doi:10.1086/261851 · Cited by 550
Commercial paper, bank reserve requirements, and the informational role of loan commitments
Kanatas, G. (1987) · Journal of Banking & Finance · doi:10.1016/0378-4266(87)90042-2 · Cited by 59
Cited by
Bank lending during the financial crisis of 2008
Ivashina, V., & Scharfstein, D. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2009.12.001 · Cited by 2,766
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Ding, W., Levine, R., Lin, C., & Xie, W. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.03.005 · Cited by 1,484
Collective Risk Management in a Flight to Quality Episode
CABALLERO, R. J., & KRISHNAMURTHY, A. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01394.x · Cited by 747
The seeds of a crisis: A theory of bank liquidity and risk taking over the business cycle
Acharya, V., & Naqvi, H. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2012.05.014 · Cited by 650
Banking on Deposits: Maturity Transformation without Interest Rate Risk
DRECHSLER, I., SAVOV, A., & SCHNABL, P. (2021) · The Journal of Finance · doi:10.1111/jofi.13013 · Cited by 394
Metadata
- Authors
- GATEV, E., & STRAHAN, P. E.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-03-09
- Volume
- 61
- Issue
- 2
- Pages
- 867-892
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124679527
- Cited by
- 610
- References
- 4
- FWCI
- 33.49
- Type
- journal article
- Language
- en
- Open access
- closed
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- GATEV, E., & STRAHAN, P. E. (2006). Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.00857.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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