TAILIEUCHUNG - Working PaPer SerieS no 1248 / october 2010: bank riSk-taking, Securitization, SuPerviSion and LoW intereSt rateS evidence from the euro area and the u.S. Lending StandardS

Money market futures contracts and futures options are traded on organized exchanges which set and enforce trading rules. A money market futures contract is a standardized agreement to buy or sell a money market security at a particular price on a specified future date. There are actively traded contracts for 13-week Treasury bills, three-month Eurodollar time deposits, and one-month Eurodollar time deposits. There is also a futures contract based on a 30-day average of the daily federal funds rate. A money market futures option gives the holder the right, but not the. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1248 OCTOBER 2010 BANK RISK-TAKING SECURITIZATION SUPERVISION AND LOW INTEREST RATES EVIDENCE FROM THE EURO AREA AND THE . LENDING STANDARDS by Angela Maddaloni and José-Luis Peydró EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1248 I OCTOBER 2010 BANK RISK-TAKING SECURITIZATION SUPERVISION AND LOW INTEREST RATES EVIDENCE FROM THE EURO AREA AND THE . LENDING STANDARDS 1 by Angela Maddaloni and José-Luis Peydró2 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2010 all ECB publications feature a motif taken from the 500 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1679689. Ì Lieven Baert and Francesca Fabbri provided excellent research assistance. We especially thank Tobias Adrian the discussant at the RFS-Yale Conference on The Financial Crisis an anonymous referee and Matthew Spiegel for very useful comments and suggestions. We also thank Franklin Allen Gianluigi Ferrucci Steven Ongena Catherine Samolyk Michael Woodford the participants in the RFS-Yale Conference on The Financial Crisis the Twelfth Conference of the ECB-CFS Research Network in Rome the 46th Annual Conference on Bank Structure and Competition at the Chicago Fed the World Congress of the Econometric Society at Shanghai and the seminar participants at the ECB for helpful comments and suggestions. 2 Both authors European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany e-mails jose peydro@ jose- ca de@ European Central Bank 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 .

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