4 / 10  BIS central bankers' speeches  I’ve been talking about how innovation drives trade, but the reverse is also true: trade openness drives innovation, too. This happens for two reasons.
TALF loans also have been used to finance purchases of commercial mortgage-backed securities (CMBS), a market that until late 2009 had been completely frozen for more than a year. In fact, in November 2009, TALF funds were used to help bring to market the first new issue CMBS since June 2008.