Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry
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The existing literature assumes that securities lenders primarily respond to demand from securities borrowers and reinvest their cash collateral in short-term markets. We offer compelling evidence for a supply channel, using new data matching U.S. life insurers' individual bond lending and
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美国国家经济研究局创建时间：
2016-10-01
