題目：Thawing Frozen Capital Markets and Backdoor Bailouts: Evidence from the Fed’s Liquidity Programs
時間：2015年10月21日 10:00 - 11:30
地點：主樓418
主講人：Jean Helwege 教授（美國 UC Riverside）
主講人簡介：
Professor Jean Helwege joined the finance faculty at UC Riverside after having taught at the University of South Carolina, Pennsylvania State University, the University of Arizona and Ohio State University. She began her career as an economist at the Federal Reserve Board in 1988 and worked at the New York Federal Reserve from 1994 to 1998. She has written more than 30 scholarly articles, including publications in the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, and the Journal of Fixed Income. Professor Helwege recently served as president of the Midwest Finance Association and is currently chairman of its Advisory Board. She is co-editor of the MFA’s official journal, the Quarterly Journal of Finance. Her research interests include corporate bonds, empirical corporate finance and financial institutions. Professor Helwege earned her Ph.D. in economics from U.C.L.A. and a B.A. in linguistics from the University of Chicago.
內容簡介：
During the subprime crisis, the Federal Reserve introduced several emergency liquidity programs as supplements to the discount window: TAF, PDCF, and TSLF. Using data on loans to large commercial banks and primary dealers, we find that the programs were used by relatively few institutions and had modest effects on the liquidity of short-term debt markets. Instead, our evidence suggests that the decision to borrow and to prepay loans was more closely related to each firm’s financial health. Our results suggest that healthy banks found the terms of the loans expensive relative to private market funds, while banks closer to insolvency generally did not.
（承辦：國際貿易與金融系、科研與學術交流中心）
