About: Liquidity Backstops and Dynamic Debt Runs

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An Entity of Type : schema:ScholarlyArticle, within Data Space : wasabi.inria.fr associated with source document(s)

Attributes	Values
type	Academic Article research paper schema:ScholarlyArticle
isDefinedBy	Covid-on-the-Web dataset
has title	Liquidity Backstops and Dynamic Debt Runs
Creator	Xiong, Wei Han, Song Shin, Hyun Allen, Linda Fisher, Mark Wei, Bin Yue, Vivian Brunnermeier, Markus Colliard, Jean-Edouard Dybvig, Phil Foucault, Thierry Goldstein, Itay He, Zhiguo Raviku-Mar, B Roberds, William Stein, Jeremy Suarez, Gustavo Taylor, Luke Tkac, Paula Verani, Stephane Wall, Larry
Source	Elsevier; Medline; PMC
abstract	Abstract Liquidity backstops can mitigate runs. In this paper we develop a dynamic model of debt runs based on He and Xiong (2012) to identify, both conceptually and quantitatively, the value of a liquidity backstop for its run-mitigating role. For the purpose of identification, we focus on the municipal bond markets for variable rate demand obligations and auction rate securities. Based on the run episodes in these markets during the financial crisis of 2007-09 and the calibrated model, we find that the value of a liquidity backstop is about 14.5 basis points per annum. Our findings have important policy implications regarding the effectiveness of liquidity backstops in ameliorating problems of financial instability.
has issue date	2020-04-27(xsd:dateTime)
bibo:doi	10.1016/j.jedc.2020.103916
bibo:pmid	32341612
has license	els-covid
sha1sum (hex)	9e37c96efd6bbe93e11e6717a9bf6fa3b6ce2e9e
schema:url	https://doi.org/10.1016/j.jedc.2020.103916
resource representing a document's title	Liquidity Backstops and Dynamic Debt Runs
has PubMed Central identifier	PMC7185022
has PubMed identifier	32341612
schema:publication	J Econ Dyn Control
resource representing a document's body	covid:9e37c96efd6bbe93e11e6717a9bf6fa3b6ce2e9e#body_text
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