Syndicated Loan Market (PDF),” paper presented at the 14th Annual Bank Research Conference sponsored by the Federal Deposit Insurance Corporation’s Center for Financial Research and the Journal of Financial Services Research, held in Arlington, Va., September 18–19, and Seung Jung Lee, Lucy Qian Liu, and Viktors Stebunovs (2014), “Risk-Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market,” unpublished paper, Board of Governors of the Federal Reserve System.
At the same time, the amount of refinancing provided via the one-week main refinancing operations has been reduced correspondingly, so that the total amount of outstanding refinancing has remained unchanged. Given the global nature of the financial turmoil, central banks have strengthened their cooperation, first through enhanced information exchange and collective monitoring of market developments and later on by coordinated steps to provide liquidity.