Stein: The Fire-Sales Problem and Securities Financing Transactions

Thank you. I thought I would focus my remarks today on one piece of the shadow banking system, namely the market for securities financing transactions (SFTs). In so doing, I want to call attention to the fire-sales problem associated with SFTs, and consider potential policy remedies.1 I will do so…

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Stein: The Fire-Sales Problem and Securities Financing Transactions

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