메뉴 건너뛰기




Volumn 61, Issue 2, 2006, Pages 867-892

Banks' advantage in hedging liquidity risk: Theory and evidence from the commercial paper market

Author keywords

[No Author keywords available]

Indexed keywords


EID: 31344480592     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2006.00857.x     Document Type: Article
Times cited : (359)

References (32)
  • 2
    • 84933491229 scopus 로고
    • Some evidence on the empirical significance of credit rationing
    • Berger, Allen N., and Gregory F. Udell, 1992, Some evidence on the empirical significance of credit rationing, Journal of Political Economy 100, 1047-1077.
    • (1992) Journal of Political Economy , vol.100 , pp. 1047-1077
    • Berger, A.N.1    Udell, G.F.2
  • 3
    • 0033441737 scopus 로고    scopus 로고
    • Deposits and lending relationships
    • Berlin, Mitchell, and Loretta J. Mester, 1999, Deposits and lending relationships, Review of Financial Studies 12, 579-608.
    • (1999) Review of Financial Studies , vol.12 , pp. 579-608
    • Berlin, M.1    Mester, L.J.2
  • 4
    • 0001114148 scopus 로고
    • Nonmonetary effects of financial crisis in the propagation of the Great Depression
    • Bernanke, Benjamin, 1988, Nonmonetary effects of financial crisis in the propagation of the Great Depression, American Economic Review 73, 257-276.
    • (1988) American Economic Review , vol.73 , pp. 257-276
    • Bernanke, B.1
  • 5
    • 38249034365 scopus 로고
    • Competition, risk neutrality and loan commitments
    • Boot, Arnaud, Anjan Thakor, and Gregory Udell, 1987, Competition, risk neutrality and loan commitments, Journal of Banking and Finance 11, 449-471.
    • (1987) Journal of Banking and Finance , vol.11 , pp. 449-471
    • Boot, A.1    Thakor, A.2    Udell, G.3
  • 6
    • 0011244878 scopus 로고
    • Are banks dead? Or, are the reports greatly exaggerated?
    • Federal Reserve Bank of Minneapolis
    • Boyd, John, and Mark Gertler, 1994, Are banks dead? Or, are the reports greatly exaggerated? Quarterly Review (summer), 1-19, Federal Reserve Bank of Minneapolis.
    • (1994) Quarterly Review , Issue.SUMMER , pp. 1-19
    • Boyd, J.1    Gertler, M.2
  • 7
    • 0000646935 scopus 로고
    • The role of demandable debt in structuring optimal banking arrangements
    • Calomiris, Charles W., and Charles M. Kahn, 1991, The role of demandable debt in structuring optimal banking arrangements, American Economic Review 81, 497-513.
    • (1991) American Economic Review , vol.81 , pp. 497-513
    • Calomiris, C.W.1    Kahn, C.M.2
  • 8
    • 0040844810 scopus 로고    scopus 로고
    • Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting
    • Carey, Mark S., Mitch Post, and Steven Sharpe, 1998, Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting, Journal of Finance 53, 845-878.
    • (1998) Journal of Finance , vol.53 , pp. 845-878
    • Carey, M.S.1    Post, M.2    Sharpe, S.3
  • 9
    • 33644978062 scopus 로고    scopus 로고
    • Modeling loan commitments and liquidity crisis: Theory and estimation
    • November 19, 2002
    • Chava, Sudheer, 2002, Modeling loan commitments and liquidity crisis: Theory and estimation, Working paper, November 19, 2002.
    • (2002) Working Paper
    • Chava, S.1
  • 10
    • 0002427285 scopus 로고
    • Theory of valuation: Overview and recent developments
    • Sudipto Bhattacharya, and George Constantinides, eds.: (Rowman and Littlefield)
    • Constantinides, George, 1989, Theory of valuation: Overview and recent developments, in Sudipto Bhattacharya, and George Constantinides, eds.: Theory of Valuation (Rowman and Littlefield).
    • (1989) Theory of Valuation
    • Constantinides, G.1
  • 11
    • 33644972404 scopus 로고    scopus 로고
    • Insolvency or liquidity squeeze? Explaining short-term corporate yield spreads
    • Board of Governors of the Federal Reserve System
    • Covitz, Daniel, and Chris Downing, 2002, Insolvency or liquidity squeeze? Explaining short-term corporate yield spreads, Finance and Economics Discussion Series 2002-45, Board of Governors of the Federal Reserve System.
    • (2002) Finance and Economics Discussion Series , vol.2002 , Issue.45
    • Covitz, D.1    Downing, C.2
  • 12
    • 0034988947 scopus 로고    scopus 로고
    • Liquidity risk, liquidity creation and financial fragility: A theory of banking
    • Diamond, Douglas, and Ragurham G. Rajan, 2001, Liquidity risk, liquidity creation and financial fragility: A theory of banking, Journal of Political Economy 109, 287-327.
    • (2001) Journal of Political Economy , vol.109 , pp. 287-327
    • Diamond, D.1    Rajan, R.G.2
  • 13
    • 46549102152 scopus 로고
    • What's different about banks?
    • Fama, Eugene F., 1985, What's different about banks? Journal of Monetary Economics 15, 29-39.
    • (1985) Journal of Monetary Economics , vol.15 , pp. 29-39
    • Fama, E.F.1
  • 14
    • 0000772156 scopus 로고
    • Debt maturity structure and the deadweight cost of leverage: Optimally financing banking firms
    • Flannery, Mark, 1994, Debt maturity structure and the deadweight cost of leverage: Optimally financing banking firms, American Economic Review 84, 320-331.
    • (1994) American Economic Review , vol.84 , pp. 320-331
    • Flannery, M.1
  • 16
    • 60449094285 scopus 로고
    • Banks in the market for liquidity
    • National Bureau of Economic Research
    • Garber, Peter, and David Weisbrod, 1990, Banks in the market for liquidity, Working paper 3381, National Bureau of Economic Research.
    • (1990) Working Paper , vol.3381
    • Garber, P.1    Weisbrod, D.2
  • 17
    • 60449088842 scopus 로고    scopus 로고
    • How do banks manage liquidity risk? Evidence from the equity and deposit markets in the fall of 1998
    • forthcoming in Mark Carey and René Stulz, eds.: (University of Chicago Press, Chicago, 12)
    • Gatev, Evan, Til, Schuermann, and Philip E. Strahan, 2005, How do banks manage liquidity risk? Evidence from the equity and deposit markets in the fall of 1998, forthcoming in Mark Carey and René Stulz, eds.: Risks of Financial institutions (University of Chicago Press, Chicago, 12).
    • (2005) Risks of Financial Institutions
    • Gatev, E.1    Til, S.2    Strahan, P.E.3
  • 18
    • 38249034827 scopus 로고
    • Commercial paper, bank reserve requirements and the informational role of loan commitments
    • Kanatas, George, 1987, Commercial paper, bank reserve requirements and the informational role of loan commitments, Journal of Banking and Finance 11, 425-448.
    • (1987) Journal of Banking and Finance , vol.11 , pp. 425-448
    • Kanatas, G.1
  • 19
    • 33644967170 scopus 로고
    • All for the best: The Federal Reserve Board's 60th annual report
    • Kane, Edward, 1974, All for the best: The Federal Reserve Board's 60th annual report, American Economic Review 64, 835-850.
    • (1974) American Economic Review , vol.64 , pp. 835-850
    • Kane, E.1
  • 20
    • 0042405183 scopus 로고    scopus 로고
    • Banks as liquidity providers: An explanation for the co-existence of lending and deposit-raking
    • Kashyap, Anil K., Raghuram G. Rajan, and Jeremy C. Stein, 2002, Banks as liquidity providers: An explanation for the co-existence of lending and deposit-raking, Journal of Finance 57, 33-74.
    • (2002) Journal of Finance , vol.57 , pp. 33-74
    • Kashyap, A.K.1    Rajan, R.G.2    Stein, J.C.3
  • 21
    • 84877093109 scopus 로고    scopus 로고
    • The bond/old bond spread
    • Northwestern University, June 13, 2001
    • Krishnamurthy, Arvind, 2001, The bond/old bond spread, Working paper, Northwestern University, June 13, 2001.
    • (2001) Working Paper
    • Krishnamurthy, A.1
  • 22
    • 0038766425 scopus 로고    scopus 로고
    • Liquidity effects surrounding the events of September 11, 2001
    • Federal Reserve Bank of New York
    • McAndrews, James J., and Simon M. Potter, 2002, Liquidity effects surrounding the events of September 11, 2001, Economic Policy Review 8, 59-79, Federal Reserve Bank of New York.
    • (2002) Economic Policy Review , vol.8 , pp. 59-79
    • McAndrews, J.J.1    Potter, S.M.2
  • 23
    • 0003543852 scopus 로고    scopus 로고
    • Checking accounts and bank monitoring
    • Federal Reserve Bank of Philadelphia
    • Mester, Loretta J., Leonard Nakamura, and Micheline Renault, 2002, Checking accounts and bank monitoring, Working paper 01-3/R, Federal Reserve Bank of Philadelphia.
    • (2002) Working Paper 01-3/R
    • Mester, L.J.1    Nakamura, L.2    Renault, M.3
  • 24
    • 4844231930 scopus 로고    scopus 로고
    • What will technology do to financial structure?
    • Robert Litan, and Anthony Santomero, eds.: (Brookings-Wharton Papers on Financial Services)
    • Mishkin, Frederic, and Philip E. Strahan, 1998, What will technology do to financial structure?, in Robert Litan, and Anthony Santomero, eds.: The Effect of Technology on the Financial Sector (Brookings-Wharton Papers on Financial Services).
    • (1998) The Effect of Technology on the Financial Sector
    • Mishkin, F.1    Strahan, P.E.2
  • 25
    • 0032345051 scopus 로고    scopus 로고
    • The credit effects of monetary policy: Evidence using loan commitments
    • Morgan, Donald P., 1998, The credit effects of monetary policy: Evidence using loan commitments, Journal of Money, Credit and Banking 30, 102-118.
    • (1998) Journal of Money, Credit and Banking , vol.30 , pp. 102-118
    • Morgan, D.P.1
  • 27
    • 33644981761 scopus 로고    scopus 로고
    • Deposit insurance, bank regulation, and financial system risks
    • forthcoming
    • Pennacchi, George, 2005, Deposit insurance, bank regulation, and financial system risks, Journal of Monetary Economics, forthcoming.
    • (2005) Journal of Monetary Economics
    • Pennacchi, G.1
  • 28
    • 0013184478 scopus 로고    scopus 로고
    • Are banks still important for financing large businesses?
    • Federal Reserve Bank of New York
    • Saidenberg, Marc R., and Philip E. Strahan, 1999, Are banks still important for financing large businesses? Current Issues in Economics and Finance 5(12), 1-6, Federal Reserve Bank of New York.
    • (1999) Current Issues in Economics and Finance , vol.5 , Issue.12 , pp. 1-6
    • Saidenberg, M.R.1    Strahan, P.E.2
  • 30
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz, Joseph, and Andrew Weiss, 1981, Credit rationing in markets with imperfect information, American Economic Review 71, 393-410.
    • (1981) American Economic Review , vol.71 , pp. 393-410
    • Stiglitz, J.1    Weiss, A.2
  • 31
    • 0001795437 scopus 로고
    • Toward a theory of loan commitments
    • Thakor, Anjan, 1982, Toward a theory of loan commitments, Journal of Banking and Finance 6, 55-83.
    • (1982) Journal of Banking and Finance , vol.6 , pp. 55-83
    • Thakor, A.1
  • 32
    • 38249038250 scopus 로고
    • An economic rationale for the pricing structure of bank loan commitments
    • Thakor, Anjan, and Gregory Udell, 1987, An economic rationale for the pricing structure of bank loan commitments, Journal of Banking and Finance 11, 271-289.
    • (1987) Journal of Banking and Finance , vol.11 , pp. 271-289
    • Thakor, A.1    Udell, G.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.