Liquidity constraints and collateral crises

Detalhes bibliográficos
Ano de defesa: 2018
Autor(a) principal: Rodrigues, Diego de Sousa
Orientador(a): Guimarães, Bernardo de Vasconcellos
Banca de defesa: Não Informado pela instituição
Tipo de documento: Dissertação
Tipo de acesso: Acesso aberto
Idioma: eng
Instituição de defesa: Não Informado pela instituição
Programa de Pós-Graduação: Não Informado pela instituição
Departamento: Não Informado pela instituição
País: Não Informado pela instituição
Palavras-chave em Português:
Macroeconomia: produção
Crises financeiras
Mercados financeiros e macroeconomia
Garantia
Títulos lastreados em ativos
Palavras-chave em Inglês:
Macroeconomics: production
Financial crisis
Financial markets and the macroeconomy
Collateral
Asset-backed-securities
Link de acesso: http://hdl.handle.net/10438/23943
Resumo: Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then the emergence of alternative ways to address liquidity needs, by undermining the liquidity role of these assets and reinforcing the relevance of their fundamental value, may increase the incentives to acquire information about them, and negatively impact the credit market. Hence, our results suggest that it is easier for these assets to accomplish the role of private money when there are fewer alternative ways to address liquidity needs.
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spelling Rodrigues, Diego de SousaEscolas::EESPAraújo, Luís Cesar G. deCavalcanti, Ricardo de OliveiraGuimarães, Bernardo de Vasconcellos2018-05-22T17:50:28Z2018-05-22T17:50:28Z2018-05-16http://hdl.handle.net/10438/23943Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then the emergence of alternative ways to address liquidity needs, by undermining the liquidity role of these assets and reinforcing the relevance of their fundamental value, may increase the incentives to acquire information about them, and negatively impact the credit market. Hence, our results suggest that it is easier for these assets to accomplish the role of private money when there are fewer alternative ways to address liquidity needs.Os títulos lastreados em ativos eram amplamente negociados. Provavelmente, isso aconteceu porque eram títulos complicadas, no sentido de que era muito custoso avaliar seu valor fundamental. Aqui, mostramos que, se este é o caso, então o surgimento de formas alternativas de atender às necessidades de liquidez, ao enfraquecer o papel de liquidez desses ativos e reforçar a relevância de seu valor fundamental, pode aumentar os incentivos para obter informações sobre eles e impactar negativamente o mercado de crédito. Portanto, nossos resultados sugerem que é mais fácil para esses ativos desempenharem o papel do dinheiro privado quando há menos formas alternativas de atender às necessidades de liquidez.engMacroeconomics: productionFinancial crisisFinancial markets and the macroeconomyCollateralAsset-backed-securitiesMacroeconomia: produçãoCrises financeirasMercados financeiros e macroeconomiaGarantiaTítulos lastreados em ativosEconomiaMacroeconomiaMercado financeiroSecuritizaçãoLiquidez (Economia)Títulos (Finanças)Liquidity constraints and collateral crisesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTLiquidity_constraints_and_collateral_crises.pdf.txtLiquidity_constraints_and_collateral_crises.pdf.txtExtracted 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InstitucionalPRI
dc.title.eng.fl_str_mv Liquidity constraints and collateral crises
title Liquidity constraints and collateral crises
spellingShingle Liquidity constraints and collateral crises
Rodrigues, Diego de Sousa
Macroeconomics: production
Financial crisis
Financial markets and the macroeconomy
Collateral
Asset-backed-securities
Macroeconomia: produção
Crises financeiras
Mercados financeiros e macroeconomia
Garantia
Títulos lastreados em ativos
Economia
Macroeconomia
Mercado financeiro
Securitização
Liquidez (Economia)
Títulos (Finanças)
title_short Liquidity constraints and collateral crises
title_full Liquidity constraints and collateral crises
title_fullStr Liquidity constraints and collateral crises
title_full_unstemmed Liquidity constraints and collateral crises
title_sort Liquidity constraints and collateral crises
author Rodrigues, Diego de Sousa
author_facet Rodrigues, Diego de Sousa
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Araújo, Luís Cesar G. de
Cavalcanti, Ricardo de Oliveira
dc.contributor.author.fl_str_mv Rodrigues, Diego de Sousa
dc.contributor.advisor1.fl_str_mv Guimarães, Bernardo de Vasconcellos
contributor_str_mv Guimarães, Bernardo de Vasconcellos
dc.subject.eng.fl_str_mv Macroeconomics: production
Financial crisis
Financial markets and the macroeconomy
Collateral
Asset-backed-securities
topic Macroeconomics: production
Financial crisis
Financial markets and the macroeconomy
Collateral
Asset-backed-securities
Macroeconomia: produção
Crises financeiras
Mercados financeiros e macroeconomia
Garantia
Títulos lastreados em ativos
Economia
Macroeconomia
Mercado financeiro
Securitização
Liquidez (Economia)
Títulos (Finanças)
dc.subject.por.fl_str_mv Macroeconomia: produção
Crises financeiras
Mercados financeiros e macroeconomia
Garantia
Títulos lastreados em ativos
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Macroeconomia
Mercado financeiro
Securitização
Liquidez (Economia)
Títulos (Finanças)
description Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then the emergence of alternative ways to address liquidity needs, by undermining the liquidity role of these assets and reinforcing the relevance of their fundamental value, may increase the incentives to acquire information about them, and negatively impact the credit market. Hence, our results suggest that it is easier for these assets to accomplish the role of private money when there are fewer alternative ways to address liquidity needs.
publishDate 2018
dc.date.accessioned.fl_str_mv 2018-05-22T17:50:28Z
dc.date.available.fl_str_mv 2018-05-22T17:50:28Z
dc.date.issued.fl_str_mv 2018-05-16
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/23943
url http://hdl.handle.net/10438/23943
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Repositório Institucional do FGV (FGV Repositório Digital)
collection Repositório Institucional do FGV (FGV Repositório Digital)
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