Alexander Bechtel
Title
Dr.
Last Name
Bechtel
First name
Alexander
Email
alexander.bechtel@unisg.ch
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Item type:Publication, Liquidity Risk and Funding Cost(2022-03-25); ; We propose and test a new channel that links funding liquidity risk and interest rates in short-term funding markets. Unlike existing theories that focus on premiums demanded by lenders, the funding liquidity risk channel postulates that borrowers exposed to liquidity shocks are willing to pay a markup for immediate funding. We test and quantify the channel using unique trade-by-trade data and uncover systematic differences across individual banks' funding cost driven by idiosyncratic liquidity risk. These differences are persistent over a decade, suggesting that the funding liquidity risk channel is relevant in general and not only arises during crisis times.Type:journal articleJournal:Review of FinanceVolume:27Issue:2Scopus© Citations 19 - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, Quantitative Easing and the Safe Asset Illusion(2019-04-02); - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, Essays on Monetary Policy, Safe Assets, and the Repo MarketThis dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements.Type:doctoral thesis