Financial crisis solutions in the commercial paper market: An analysis of the CPFF and the TLGP

Joshua Fairbanks; Mark Griffiths; Drew Winters

doi:10.1108/MF-10-2017-0388

Financial crisis solutions in the commercial paper market: An analysis of the CPFF and the TLGP

Joshua Fairbanks, Mark Griffiths, Drew Winters

Business Administration

Research output: Contribution to journal › Article › peer-review

1 Scopus citations

Abstract

Purpose: The purpose of this paper is to examine programs designed to support the commercial paper market during the financial crisis. Design/methodology/approach: The paper analyzes the participants in the two programs to determine why domestic financial institutions chose one program over the other. Findings: Domestic financial institutions chose the Temporary Liquidity Guarantee Program over the Commercial Paper Funding Facility (CPFF) while foreign financial institutions chose the CPFF. Practical implications: The analysis is intended to support future policy debate on how to address a liquidity crisis in the money markets. Originality/value: The authors are the first paper to examine the participants in these two programs. The value is the policy implications of this study.

Original language	English
Pages (from-to)	294-310
Number of pages	17
Journal	Managerial Finance
Volume	45
Issue number	2
DOIs	https://doi.org/10.1108/MF-10-2017-0388
State	Published - Feb 18 2019

Keywords

Commercial Paper Funding Facility (CPFF)
Commercial paper
Financial crisis
Temporary Liquidity Guarantee Program (TLGP)

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10.1108/MF-10-2017-0388

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title = "Financial crisis solutions in the commercial paper market: An analysis of the CPFF and the TLGP",

abstract = "Purpose: The purpose of this paper is to examine programs designed to support the commercial paper market during the financial crisis. Design/methodology/approach: The paper analyzes the participants in the two programs to determine why domestic financial institutions chose one program over the other. Findings: Domestic financial institutions chose the Temporary Liquidity Guarantee Program over the Commercial Paper Funding Facility (CPFF) while foreign financial institutions chose the CPFF. Practical implications: The analysis is intended to support future policy debate on how to address a liquidity crisis in the money markets. Originality/value: The authors are the first paper to examine the participants in these two programs. The value is the policy implications of this study.",

keywords = "Commercial Paper Funding Facility (CPFF), Commercial paper, Financial crisis, Temporary Liquidity Guarantee Program (TLGP)",

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N2 - Purpose: The purpose of this paper is to examine programs designed to support the commercial paper market during the financial crisis. Design/methodology/approach: The paper analyzes the participants in the two programs to determine why domestic financial institutions chose one program over the other. Findings: Domestic financial institutions chose the Temporary Liquidity Guarantee Program over the Commercial Paper Funding Facility (CPFF) while foreign financial institutions chose the CPFF. Practical implications: The analysis is intended to support future policy debate on how to address a liquidity crisis in the money markets. Originality/value: The authors are the first paper to examine the participants in these two programs. The value is the policy implications of this study.

AB - Purpose: The purpose of this paper is to examine programs designed to support the commercial paper market during the financial crisis. Design/methodology/approach: The paper analyzes the participants in the two programs to determine why domestic financial institutions chose one program over the other. Findings: Domestic financial institutions chose the Temporary Liquidity Guarantee Program over the Commercial Paper Funding Facility (CPFF) while foreign financial institutions chose the CPFF. Practical implications: The analysis is intended to support future policy debate on how to address a liquidity crisis in the money markets. Originality/value: The authors are the first paper to examine the participants in these two programs. The value is the policy implications of this study.

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Financial crisis solutions in the commercial paper market: An analysis of the CPFF and the TLGP

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Keywords

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