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1l.cRate-race:Saverrs’iplreferlshort-term

Assets

Liabilities

Long-term assets

  • -

    mortgages

  • -

    firm loans

-

10 years

Equity Long-term funding

Short-term funding

- CP

3 months

- Repo

1 day

Before the crisis

  • o

    More and more short-term funding

    • o

      Roll over short-term funding liquidity every day!

expensive

cheap

FED kept rate low

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