Covitz, Daniel M.; Liang, Nellie; Suarez, Gustavo A. - Federal Reserve Board (Board of Governors of the … - 2009
The $350 billion contraction in the asset-backed commercial paper (ABCP) market in the last five months of 2007 played a central role in transforming concerns about the credit quality of mortgage-related assets into a global financial crisis. This paper attempts to better understand why the...