Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 28, 2012 erstellt
Beschreibung:
We show that provision of public liquidity has real consequences for firms. Comparing A-1 rated non-financial commercial paper issuers using Commercial Paper Funding Facility (CPFF) eligibility criteria, we show that firms with access to the CPFF were able to mitigate financing disruptions caused by the Lehman Brothers bankruptcy. We explore broader implications of this program for firms without access to the CPFF by examining spillover effects from CPFF-eligible firms to their customers. These findings highlight the importance of the provision of public liquidity, as well as potential issues surrounding government intervention in financial markets