Navigating liquidity crises in non-banks: An assessment of central bank policies
Author
Abstract
Suggested Citation
Note: 1125999
Download full text from publisher
References listed on IDEAS
- Buiter, Willem & Cecchetti, Stephen & Dominguez, Kathryn & Sánchez Serrano, Antonio, 2023. "Stabilising financial markets: lending and market making as a last resort," Report of the Advisory Scientific Committee 13, European Systemic Risk Board.
- Goldstein, Itay & Jiang, Hao & Ng, David T., 2017. "Investor flows and fragility in corporate bond funds," Journal of Financial Economics, Elsevier, vol. 126(3), pages 592-613.
- Falato, Antonio & Goldstein, Itay & Hortaçsu, Ali, 2021.
"Financial fragility in the COVID-19 crisis: The case of investment funds in corporate bond markets,"
Journal of Monetary Economics, Elsevier, vol. 123(C), pages 35-52.
- Antonio Falato & Itay Goldstein & Ali Hortaçsu, 2020. "Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets," NBER Working Papers 27559, National Bureau of Economic Research, Inc.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Thiago Fauvrelle & Mathias Skrutkowski, 2023. "Collateral pledgeability and asset manager portfolio choices during redemption waves," Working Papers 58, European Stability Mechanism, revised 12 Dec 2023.
- Fauvrelle, Thiago & Riedel, Max & Skrutkowski, Mathias, 2024. "Collateral pledgeability and asset manager portfolio choices during redemption waves," SAFE Working Paper Series 417, Leibniz Institute for Financial Research SAFE.
- Branzoli, Nicola & Gallo, Raffaele & Ilari, Antonio & Portioli, Dario, 2024. "Central banks’ corporate asset purchase programmes and risk-taking by bond funds in the aftermath of market stress," Journal of Financial Stability, Elsevier, vol. 72(C).
- Valentin Haddad & Alan Moreira & Tyler Muir, 2021. "When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response [Funding value adjustments]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5309-5351.
- Molestina Vivar, Luis, 2025. "Mitigating fragility in open-ended investment funds: the role of redemption restrictions," ESRB Working Paper Series 150, European Systemic Risk Board.
- Dekker, Lennart & Molestina Vivar, Luis & Wedow, Michael & Weistroffer, Christian, 2024. "Liquidity buffers and open-end investment funds: Containing outflows or reducing fire sales?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
- Darmouni, Olivier & Papoutsi, Melina, 2022. "The rise of bond financing in Europe: five facts about new and small issuers," Working Paper Series 2663, European Central Bank.
- Darmouni, Olivier & Papoutsi, Melina, 2022. "Europe's growing league of small corporate bond issuers: new players, different game dynamics," Research Bulletin, European Central Bank, vol. 96.
- Breckenfelder, Johannes & Ivashina, Victoria, 2021. "Bank balance sheet constraints and bond liquidity," Working Paper Series 2589, European Central Bank.
- Dunne, Peter & Emter, Lorenz & Fecht, Falko & Giuliana, Raffaele & Peia, Oana, 2023.
"Financial fragility in open-ended mutual funds: the role of liquidity management tools,"
ESRB Working Paper Series
140, European Systemic Risk Board.
- Dunne, Peter G. & Emter, Lorenz & Fecht, Falko & Giuliana, Raffaele & Peia, Oana, 2024. "Financial fragility in open-ended mutual funds: The role of liquidity management tools," Discussion Papers 36/2024, Deutsche Bundesbank.
- Mugerman, Yevgeny & Steinberg, Nadav & Wiener, Zvi, 2022.
"The exclamation mark of Cain: Risk salience and mutual fund flows,"
Journal of Banking & Finance, Elsevier, vol. 134(C).
- Yevgeny Mugerman & Nadav Steinberg & Zvi Wiener, 2019. "The Exclamation Mark of Cain: Risk Salience and Mutual Fund Flows," Bank of Israel Working Papers 2019.09, Bank of Israel.
- Boyarchenko, Nina & Kovner, Anna & Shachar, Or, 2022.
"It’s what you say and what you buy: A holistic evaluation of the corporate credit facilities,"
Journal of Financial Economics, Elsevier, vol. 144(3), pages 695-731.
- Nina Boyarchenko & Anna Kovner & Or Shachar, 2020. "It’s What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities," Staff Reports 935, Federal Reserve Bank of New York.
- Nina Boyarchenko & Anna Kovner & Or Shachar, 2020. "It's What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities," CESifo Working Paper Series 8679, CESifo.
- Bagattini, Giulio & Fecht, Falko & Maddaloni, Angela, 2023.
"Liquidity support and distress resilience in bank-affiliated mutual funds,"
SAFE Working Paper Series
385, Leibniz Institute for Financial Research SAFE.
- Bagattini, Giulio & Fecht, Falko & Maddaloni, Angela, 2023. "Liquidity support and distress resilience in bank-affiliated mutual funds," Working Paper Series 2799, European Central Bank.
- Massimiliano Affinito & Raffaele Santioni, 2021. "When the panic broke out: COVID-19 and investment funds' portfolio rebalancing around the world," Temi di discussione (Economic working papers) 1342, Bank of Italy, Economic Research and International Relations Area.
- Mathias S. Kruttli & Phillip J. Monin & Lubomir Petrasek & Sumudu W. Watugala, 2021. "Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis," Finance and Economics Discussion Series 2021-038, Board of Governors of the Federal Reserve System (U.S.).
- Laura Capota & Margherita Giuzio & Sujit Kapadia & Dilyara Salakhova, 2022.
"Are ethical and green investment funds more resilient?,"
IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistics for Sustainable Finance, volume 56,
Bank for International Settlements.
- Capotă, Laura-Dona & Giuzio, Margherita & Kapadia, Sujit & Salakhova, Dilyara, 2022. "Are ethical and green investment funds more resilient?," Working Paper Series 2747, European Central Bank.
- Yoshihiko Hogen & Yoshiyasu Koide & Yuji Shinozaki, 2022. "Rise of NBFIs and the Global Structural Change in the Transmission of Market Shocks," Bank of Japan Working Paper Series 22-E-14, Bank of Japan.
- Hodula, Martin & Szabo, Milan & Bajzík, Josef, 2024.
"Retail fund flows and performance: Insights from supervisory data,"
Emerging Markets Review, Elsevier, vol. 59(C).
- Martin Hodula & Milan Szabo & Josef Bajzik, 2022. "Retail Fund Flows and Performance: Insights from Supervisory Data," Working Papers 2022/10, Czech National Bank.
- Breckenfelder, Johannes & Hoerova, Marie, 2023.
"Do non-banks need access to the lender of last resort? Evidence from fund runs,"
CEPR Discussion Papers
18122, C.E.P.R. Discussion Papers.
- Breckenfelder, Johannes & Hoerova, Marie, 2023. "Do non-banks need access to the lender of last resort? Evidence from fund runs," Working Paper Series 2805, European Central Bank.
- Glossner, Simon & Matos, Pedro Pinto & Ramelli, Stefano & Wagner, Alexander F., 2022. "Do institutional investors stabilize equity markets in crisis periods? Evidence from COVID-19," CEPR Discussion Papers 15070, C.E.P.R. Discussion Papers.
More about this item
Keywords
asset purchases; COVID-19 liquidity crisis; Investment funds; lender of last resort; market-maker of last resort;All these keywords.
JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- G01 - Financial Economics - - General - - - Financial Crises
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecb:ecbrbu:2023:0108:. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Official Publications (email available below). General contact details of provider: https://edirc.repec.org/data/emieude.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.