1 اقتصاد:: اوراق تجاری
In times of macroeconomic uncertainty, commercial paper spreads will be high and investors will avoid direct investments and choose to make more bank deposits. We are guided by Acharya and Naqvi (2012) to consider commercial paper spreads 4 As an alternative instrument, we also used commercial paper (CP) spreads for financial firms and the 2SLS results are qualitatively similar but we report only those for the non-finance CP spreads for brevity. The commercial paper spreads are known to affect banks' funding liquidity risk and is a proxy for macroeconomic risk. We find that in the first stage of our 2SLS estimations the co- efficients for Commercial Paper Spreads (Non-Finance) are signif- icantly related to deposits at the 1% level of significance6.
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2 عمومی:: اوراق و اسناد بهادار قابل انتقال (مثل سفته وغیره)
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