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Tham khảo sách 'technology diffusion and postwar growth', kỹ thuật - công nghệ, cơ khí - chế tạo máy phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Preventing a Repeat of the Money Market Meltdown of the Early 1930s John V. Duca Research Department Working Paper 0904 Federal Reserve Bank of Dallas Preventing a Repeat of the Money Market Meltdown of the Early 1930s John V Duca Vice President and Senior Policy .Advisor Research Department. Federal Reserve Bank of Dallas p 0 Box 655906. Dallas. TX 75265 214 922-5154 ịọhn v duca@dal frb.org and Southern Methodist University. Dallas. TX April 2009 revised November 2009 This paper analyzes the meltdown of the commercial paper market during the Great Depression and relates those findings to the recent financial crisis. Theoretical models of financial frictions and information problems imply that lenders will make fewer non-collatcralizcd loans or investments and relatively more extensions of collateralized finance in times of high risk premiums This study investigates the relevance of such theories to the Great Depression by analyzing whether the increased use of a collateralized form of business lending bankers acceptances relative to that of non-col lateral zed commercial paper can be econometrically attributable to measures of corporate credit financial risk premiums Because commercial paper and bankers acceptances are short-lived they are more timely measures of the availability of short-term credit than are bank or business failures and the level or growth rate of the stock of bank loans whose maturities were often longer and were renegotiate. In this way. the study adds to the literature on financial market frictions during the Great Depression which aside from analyzing securities prices typically investigates the behavior of credit-related variables that lag cunent conditions such as bank failures bankruptcies the stock of money or outstanding bank loans In particular the real level of bankers acceptances and their use relative to noncollateralized commercial paper were strongly and positively related to spreads between corporate and treasury bond yields Also
