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Do Non-banks Need Access to the Lender of Last Resort?
Johannes BreckenfelderMarie Hoerova
其他書名
Evidence from Fund Runs
出版European Central Bank, 2023
ISBN928996068X9789289960687
URLhttp://books.google.com.hk/books?id=gvEA0AEACAAJ&hl=&source=gbs_api
註釋Are central bank tools effective in reaching non-banks with no access to the lender-of-last-resort facilities? Using runs on mutual funds in March 2020 as a laboratory, we show that, following the announcement of large-scale purchases, funds with higher ex ante shares of assets eligible for central bank purchases saw their performance improve by 3.6 percentage points and outflows decrease by 61% relative to otherwise similar funds. Following central bank liquidity provision to banks, the growth rate of repo lending to funds by banks more exposed to the system-wide liquidity crisis was up to five times higher compared to other banks.