Assessing Australian asset-backed commercial paper
The reason for the superior performance of the Australian asset-backed commercial paper market compared with the United States lies in the specification of conduits, a Reserve Bank of Australia paper finds.
The paper finds that Australian asset-backed commercial paper conduits are generally used to fund loans rather than securities, as is the common practice in America.
The paper focuses on three issues related to credit crisis: the importance of transparency in asset-backed commercial paper
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