Economic Quarterly

1993

 

Spring 1993

Commercial Paper

Thomas K. Hahn

The rapid growth in the commercial paper market over the last several years has made it one of the United States’ most important debt markets. Important features of the commercial paper market include the characteristics of commercial paper itself, the market participants, and the risks faced by commercial paper investors. Recent innovations include asset-backed commercial paper and the use of swaps in commercial paper financing strategies.



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