Made available in DSpace on 2016-04-29T13:18:00Z (GMT). No. of bitstreams: 1 Dissertacao Thais Martins Sales.pdf: 1293785 bytes, checksum: 6161405c79ed51ec0c3dacacebe67ee1 (MD5) Previous issue date: 2006-05-29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This study was an attempt to investigate possible relations between responding that is reinforced according to schedules based on a temporal parameter and performing other activities to which no reinforcement contingencies are programmed. These activities have been called adjunctive behavior, collateral behavior or interim activities. Two questions guided this study: a) is there any difference in response rate, average time between reinforcers, and percentage of reinforced responses when an FI schedule or a DRL schedule is in force, if the subject can engage in other activities; b) are typical sequential patterns developed between responses when these schedules are in force? Four male food deprived rats were subjects of this experiment. The apparatus was an experimental box with seven chambers in which subjects could perform different activities, such as bar pressing, eating, running, drinking, and wood-chewing. For two subjects, bar pressing was reinforced according to three DRL schedules (DRL 4s, DRL 5s, and DRL 20s). One of the subjects was first kept in the chamber with the bar and food dispenser and then was allowed to access the other chambers, the other was first allowed to access the other chambers and then was kept in the chamber with the bar and food dispenser. For the other two subjects, bar presses were reinforced according to two FI schedules (FI 5s and FI 10s). One of the subjects first had access to all chambers and then was kept in the chamber with the bar and food dispenser, and the other was kept in the chamber with the bar and food dispenser during the whole experiment. Bar presses, reinforcement deliveries, and occupancy of chambers were recorded. Results show there was a difference in response rate, average time between reinforcers, and percentage of reinforced responses in both schedules, depending on the access condition, mainly when responses were reinforced according to schedules higher than FI 5s and DRL 4s. Higher response rates, lower average time between reinforcers and higher percentage of reinforced responses were observed for the DRL subjects when access was possible than when it was not possible, and higher response rates, higher average time between reinforcers and higher percentage of reinforced responses were observed for the FI subjects when access was possible than when it was not possible. No typical sequential patterns were observed when access was possible and either of the two studied schedules was in force. Results are discussed in terms of possible controlling variables to performing activities other than bar pressing when responding is being reinforced according to FI and DRL schedules / O presente trabalho é uma tentativa de investigação de possíveis relações entre o responder reforçado segundo dois esquemas de reforçamento que envolvem parâmetros temporais e o engajamento em atividades para as quais não há reforço programado, chamadas de atividades ínterim, comportamento adjuntivo ou comportamento colateral. Duas perguntas dirigiram a realização deste trabalho: a) há diferença na taxa de respostas, tempo médio entre reforços e porcentagem de respostas reforçadas segundo esquemas DRL e FI, caso haja possibilidade de engajamento em outras atividades? e b) alguma seqüência típica de engajamento em outras atividades é formada no intervalo entre respostas reforçadas segundo estes esquemas? Os sujeitos do experimento foram quatro ratos machos privados de alimento. Foi utilizada uma caixa experimental com sete compartimentos, nos quais era possível o engajamento em diferentes atividades: pressionar a barra, comer, beber, correr, roer madeira. Dois sujeitos tiveram as respostas de pressão à barra reforçadas segundo esquemas DRL com três valores diferentes (4s, 9s e 20s). Um deles passou, primeiro, por uma condição na qual o acesso a todos os compartimentos era permitido, chamada de aberta, e, segundo, por uma condição na qual era mantido no compartimento onde havia a barra e o comedouro, chamada de fechada, e o outro sujeito passou, primeiro, pela condição fechada e, segundo, pela condição aberta. Os outros dois sujeitos tiveram as respostas de pressão à barra reforçadas segundo esquemas FI com dois valores diferentes (5s, 10s). Um sujeito passou primeiro pela condição aberta e, depois, pela condição fechada e o outro passou apenas pela condição fechada. As pressões à barra, os reforços e a permanência nos compartimentos foram registrados. Os resultados mostraram que houve diferença na taxa de respostas, tempo médio entre reforços e porcentagem de respostas reforçadas em função da condição de acesso, especialmente quando as respostas de pressão à barra foram reforçadas segundo o esquema DRL 9s e DRL 20s, para os dois primeiros sujeitos, e segundo o FI 10s, para os outros dois sujeitos. Na condição aberta com esquema DRL em vigor, observou-se uma menor taxa de respostas, menor tempo entre reforços e maior porcentagem de respostas reforçadas do que na condição fechada, com o mesmo esquema em vigor. Na aberta com esquema FI em vigor, observou-se uma menor taxa de respostas, maior tempo entre reforços e maior porcentagem de respostas reforçadas do que na condição fechada, com o mesmo esquema em vigor. Seqüências típicas de engajamento em outras atividades não foram observadas quando o acesso era possível e o responder era reforçado segundo os esquemas FI e DRL. Os resultados são discutidos em termos de possíveis variáveis que controlam o engajamento em outras atividades, quando respostas são reforçadas segundo estes dois esquemas

Made available in DSpace on 2016-04-29T13:18:08Z (GMT). No. of bitstreams: 1 Livia Ferreira Godinho Aureliano.pdf: 559598 bytes, checksum: 8bc000da4999e46895b037747380a514 (MD5) Previous issue date: 2008-04-30 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This study investigated the effects of duration exposure to activities without programmed reinforcers on performance under a temporal schedule of reinforcement. Two other questions guided this study: (a) Are there any changes in the patterns of activities that occur without programmed reinforcers dependent on the duration of exposure to these activities? (b) What would be the effect of the duration of this exposure over responding under a DRL schedule of reinforcement when subjects are placed in a standard operant chamber without access to other activities? Subjects were 4 male food deprived rats and 2 chambers were used: a standard operant chamber (1 compartment with lever and food recipient) and a 7 compartment chamber (activity chamber) in which subjects could engage on different activities: as bar pressing, eating, drinking, wood-chewing, and running. Bar presses were reinforced with food according to a DRL schedule that varied from 5 to 10 to 21s, but 2 subjects were exposed to this schedule on the standard chamber and the others on the activity chamber. Experimental sessions lasted 2 hours and bar presses, reinforce deliveries, and compartments visited were recorded. Results indicated performances in teach environment when DRL 10s or higher was in effect. On DRL 10s response and reinforcer rates and percentage of reinforced responses were higher, and time between reinforcements was lower for subjects on the standard chamber. In DRL 21s, however, these measures were reversed, suggesting that the availability of other activities could facilitate the acquisition and maintenance of performance on higher values DRL. There was indication of an increase on the percentage of reinforced bar pressing responses as a function of time of exposure to the experimental contingency in each session for all subjects. There were no significant differences on the percentages of reinforced responses of subjects on the standard or activity chamber box as a function of successive experimental sessions. However, percentages of reinforced responses were lower for subjects in the standard chamber at the beginning of the first sessions on each DRL value. Sequences of compartment visits, that seemed to be patterns were identified and the beginning of this patterns coincided with the increased effectiveness of the bar pressing responses. Results are discussed taking into account the differences between the criteria used in studies reported on the literature. The possible roles of the activities on the performance submitted on DRL schedules are also discussed / O presente estudo pretendeu investigar os efeitos do tempo de exposição dos sujeitos às atividades sem reforço programado sobre a efetividade do desempenho submetido a um esquema temporal de reforçamento. Duas outras perguntas nortearam o trabalho: (a) ocorreria alguma mudança nos padrões das atividades sem reforço programado em função do tempo de exposição a estas atividades? (b) qual o efeito do tempo de exposição aos diferentes valores do esquema DRL sobre o desempenho dos sujeitos na caixa padrão? Foram sujeitos 4 ratos machos, privados de alimento, que trabalharam em duas caixas experimentais, uma com 7 compartimentos nos quais havia a possibilidade de engajamento em atividades (pressionar a barra, comer, beber, roer madeira, correr na roda de atividades) e uma caixa operante padrão. As respostas de pressão à barra dos 4 sujeitos foram submetidas a um esquema DRL5s, 10 e 21s : 2 sujeitos foram expostos aos esquemas na caixa padrão e os outros dois na outra caixa. Todas as sessões experimentais tiveram a duração de 2 horas. Foram registradas as pressões à barra, os reforços obtidos e o tempo de permanência nos compartimentos. Os resultados indicaram que as maiores diferenças entre os desempenhos nos dois ambientes ocorreram a partir do DRL 10s, quando as taxas de respostas, de reforços e as porcentagens de respostas reforçadas foram maiores, e o tempo entre reforços foi menor para os sujeitos na caixa padrão. Em DRL 21s, no entanto, a situação se inverteu, sugerindo que a disponibilidade de outras atividades poderia facilitar a aquisição e adaptação do desempenho em valores mais altos do DRL. A análise dos efeitos do tempo de exposição à contingência em cada sessão sobre a efetividade da resposta de pressão à barra indicou que as porcentagens de respostas reforçadas aumentaram em função do tempo da sessão para os 4 sujeitos e não houve diferenças expressivas entre as porcentagens de respostas reforçadas ao longo das sessões experimentais. No entanto, para os sujeitos na caixa padrão, os percentuais alcançados no início das primeiras sessões em cada fase foram mais baixos do que para os sujeitos em ambiente aberto. Em relação ao padrão das atividades, uma seqüência de visita a compartimentos foi identificada e o início deste padrão coincidiu com o aumento da efetividade das respostas de pressão à barra. A discussão dos resultados leva em consideração as diferenças entre os critérios utilizados nos estudos relatados, além dos possíveis papéis das atividades sobre o desempenho submetido ao esquema de DRL

La circulation collatérale non coronarienne (CCNC) perfuse le cœur en provenant d’artères bronchiques, médiastinales et péricardiques. L’éventualité que la CCNC puisse être artificiellement augmentée pour fournir un traitement alternatif pour les patients ischémiques représente une hypothèse intrigante sans réponse en raison de la nature difficile de ce champ de recherche. En se basant sur plusieurs aspects, tel que (1) l’existence des collatérales naturelles entre les artères coronaires et les artères thoraciques internes (ATIs), (2) les effets potentiels de la ligature des ATIs; (3) la capacité des ATIs de développer d’importantes branches collatérales ; (4) et la disponibilité actuelle des facteurs de croissance vasculaire, l’hypothèse ici décrite est que l’augmentation de la CCNC pourrait représenter une stratégie alternative d’apport sanguin au coeur.Ainsi, l’association d’occlusion des ATIs et de l’administration des facteurs de croissance pourrait représenter un moyen de poursuivre cet objectif. Pour le premier travail de recherche, nous avons établi un modèle canin. / Noncoronary collateral circulation (NCCC) comes to the heart from mediastinal, bronchial, and pericardial channels. Whether NCCC can somehow be augmented to provide an alternative therapy for ischemic patients is an intriguing hypothesis with no clear answer yet due to the challenging nature of this research field. Based on several aspects, such as (1) the occurrence of natural collaterals between coronary and the internal thoracic arteries (ITAs), (2) the potentialhemodynamic effects of ITAs ligation, (3) the potential of ITAs for developing important collateral branches, and (4) the current availability of angiogenic growth factors, the hypothesis herein is that enhancement of NCCC may represent an alternative myocardial blood supply strategy, and that combining ITAs occlusion with angiogenic growth factors may represent a way to achieve this objective. We established an ischemic canine model for first experiment.

在政府提倡金融自由化、國際化的引導下，台灣金融管制解放，金融機構擺脫過去寡占經營的局面紛紛林立，為了因應市場競爭，各種金融產品不斷推陳出新，放款限制亦不斷寬鬆，造成市場一片蓬勃。然而從1997年金融危機的發生，導致企業跳票的個案中，使我們注意到企業在自由化時期藉籌措資金之便，大行金錢投機遊戲，以股票質押再行借款投資。此種高度的財務槓桿操作，一旦面臨危機衝擊，抵押品價值下滑，勢必發生連鎖反應而危及營運。 本研究從市場資訊不對稱觀點說明，公司抵押品價值（淨值）下滑，對借款者的債務保障價值減少，加速資訊不對稱之二大問題───道德危機和逆選擇，促使經濟雪上加霜，引發全面性危機。本研究的實證結果如下： 1.台灣自1990年代後，紛紛以股票質押借款，放款隨股價變動而有循環性調整，銀行抵押放款捲入股價波動，脆弱的金融體系一旦因應景氣情勢緊縮信用，對經濟產生進一步抵押品效果。 2.由此次台灣企業財務危機教訓可知，出問題的多為股票質押，不動產質押因應危機的反映較低且台灣不動產不景氣已多年，銀行資本已消化部分壞帳。實證結果亦顯示股票質押相對不動產更有助長經濟向下沉淪的力量。 3.各國經濟結構有別，對抵押品寄予不同程度擔保。所得低的國家，債信程度亦低，金融機構愈仰賴抵押品進行貸款評估，但其效果並不顯著，表示所得並不是唯一考量債信的因素之一。儲蓄對利率的敏感度也是各國因應危機受創不一的因素，當政府為了捍衛匯率，提高利率的結果,無可避免的重創經濟體系，而逃離的資金對利率敏感度低下，卻不易回流至金融體系，整體而言，勢必對一國景氣恢愎速度造成阻力。 4.放款對股價彈性大小變動的幅度和綜合危機判斷指數成負相關。代表愈仰賴抵押品作為貸款條件的國家在面臨危機發生時，會因抵押品效果使經濟更加惡化。

This thesis studies interest rates (even negative), interest rate derivatives and term structure of interest rates. We review the different types of interest rates and go through the evaluation of a derivative using risk-neutral and forward-neutral methods. Moreover, the construction of interest rate models (term-structure models), pricing of bonds and interest rate derivatives, using both equilibrium and no-arbitrage approaches are discussed, compared and contrasted. Further, we look at the HJM framework and the LMM model to evaluate and simulate forward curves and find the forward rates as the discount factors. Finally, the new framework (after financial crisis in 2008), under the collateral agreement (CSA) has been taken into consideration.

在傳統銀行放款的觀念中認為，借款人主導了還款的來源，關於貸款風險的研究大多集中在借款人行為因素的探討，但是房屋貸款的風險，除了借款人本身的特質外，應該還需要不同角度的探討，尤其是在擔保品方面。銀行在辦理放款時，對擔保品價值的評估僅以當時的市場價值作直接的判斷，並依判斷結果來決定貸款的成數，這樣的決策並未考慮擔保品本身所處的區域條件及其未來的發展性，因而產生了風險判斷的偏誤。 本研究將透過不動產的供需價量的關係，嘗試找出影響房屋貸款擔保品風險的因子，並對房屋貸款的風險因子給予適當的權重及評分，再運用劃分等級的模型，將研究區域依房屋貸款風險的大小劃分風險等級。最後利用不同的角度或方法檢驗各種模型對區域風險分類之異同及功能，以建立模型提供銀行於承做房屋貸款或制定放款政策時，作為決定貸款成數(LTV)的參考依據，避免銀行貸款日後遭受擔保品價格下跌所產生的風險。 本研究以分析層級程序法(AHP)及分析網路程序法(ANP)設計不同的問卷，在取得各風險因子的權重後，對各項風險因子時間序列的數據進行分析，最終取得台北縣市各區域的風險等級。實證結果AHP及ANP皆通過一致性分析，AHP與未權重化ANP間不具顯著差異；權重化ANP與極限化ANP間不具顯著差異。AHP權重與ANP未權重化矩陣兩種模型在區域房屋貸款風險等級的區分標準上較為寬鬆。ANP權重化矩陣及ANP極限化矩陣對區域房屋貸款風險等級的劃分較為嚴格。這兩類不同等級劃分標準的模型提供金融業者在制定房屋貸款政策時可以有多樣的選擇。 / People with traditional concept of bank lending believe that borrowers dominate the sources of repayment. Researches regarding to the credit risk of loan mainly focus on the behaviors of borrowers. Nevertheless, the risk of mortgage loan should be deliberated with different points of view, especially the collateral, besides considering the characteristics of borrowers. During the process of loan, banks evaluate the collateral with directly determine according to the prevailing market value and decide the proportion of loan. The decision is not considered with the regional factors and the future development of the collateral. A bias of risk determination therefore exists during the process. The research tries to find the factors that influence the collateral risk of mortgage loan through supply, demand, price and quantity of real estate. Also, it allocates the weight and evaluation of every risk factor of mortgage loan. The research then distinguishes the investigated areas into different risk levels according to the mortgage loan risk by applying appropriate model. The research stands at various points of view and utilizes different methods to determine whether the classification of area risk is appropriate or not and offering a banks model to be the reference basis of determining the loan to value(LTV) when executing mortgage loan or drawing up loan policy. Banks can avoid the risk of collateral depreciation in the future. The research designed various questionnaires with Analytic Hierarchy Process (AHP) and Analytic Network Process (ANP). After obtained the weights of different risk factors, an analysis was processed on time sequence data of every risk factor and results the risk level of every subarea of Taipei. The empirical results in consistency analysis by AHP and ANP are passed. The difference between AHP and un-weighted ANP is not significant. The difference between weighted ANP and limited ANP is also not significant. Both weighted AHP and un-weighted ANP matrix models are lenient on the classify criteria of area mortgage risk levels. In opposition, weighted ANP matrix models and ANP limited matrix are strict on the same criteria. The two models with different criteria offer financial corporations different choices when drawing up policies of mortgage loan

Submitted by Patrícia Brasil Claudino (leitechocolate@msn.com) on 2016-10-10T19:50:43Z No. of bitstreams: 1 II Patricia Brasil Claudino - Mestrado Profissional - Orientador André Corrêa final pos banca 121016.pdf: 880180 bytes, checksum: 441764687fc53007b349076cc1f18603 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-10-10T19:52:24Z (GMT) No. of bitstreams: 1 II Patricia Brasil Claudino - Mestrado Profissional - Orientador André Corrêa final pos banca 121016.pdf: 880180 bytes, checksum: 441764687fc53007b349076cc1f18603 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-10-10T19:53:14Z (GMT) No. of bitstreams: 1 II Patricia Brasil Claudino - Mestrado Profissional - Orientador André Corrêa final pos banca 121016.pdf: 880180 bytes, checksum: 441764687fc53007b349076cc1f18603 (MD5) / Made available in DSpace on 2016-10-11T12:20:24Z (GMT). No. of bitstreams: 1 II Patricia Brasil Claudino - Mestrado Profissional - Orientador André Corrêa final pos banca 121016.pdf: 880180 bytes, checksum: 441764687fc53007b349076cc1f18603 (MD5) Previous issue date: 2016-09-15 / The research has aimed at identifying the procedure of mortgage execution and the difficulty faced by mortgage creditors, both in what concerns running the administrative process as anticipated by Lei nº 9514/97, as well as the lawsuit, provided for in the Civil Procedures Code. The work presents an introduction that nominates the legislative framework from Lei nº 9.514/97 and it points out the problems identified from the application of the mentioned law. After that, the questions regarding the mortgage execution were presented in two chapters, the second one being dedicated to the administrative process and the third to the actual lawsuit or judicial execution. To conclude, the work analyzes the application of the theory of substantial compliance and in its conclusion brings an analysis of all questions pointed and suggestions towards the improvement of procedures related to collateral issues. / A pesquisa buscou identificar o procedimento de execução da garantia real de alienação fiduciária e as dificuldades enfrentadas, tanto no âmbito da execução extrajudicial conforme prevista na Lei nº 9514/97, quanto no âmbito da execução judicial, prevista no Código de Processo Civil. O trabalho apresenta uma introdução que indica o marco legislativo da Lei nº 9.514/97, os problemas identificados a partir da aplicação da lei. Em seguida, foram apresentadas as questões relevantes da execução da alienação fiduciária de imóvel em dois capítulos, o segundo dedicado à execução extrajudicial e o terceiro capítulo dedicado à execução judicial. Para finalizar foram realizadas análises sobre a aplicação da teoria do adimplemento substancial do contrato e uma breve análise sobre as questões apontadas, indicando sugestões para melhoria dos procedimentos relacionados à garantia real, bem como, sugerindo temas para novos estudos e debates.

The earlier theories considered trade credit as a substitute for bank credit. Recent theories suggest that bank credit and trade credit can also be considered as two complementary sources of financing. By using South African panel data from 2007 to 2015, the study examines if the problem of financial inclusion in South Africa can be mitigated by utilising trade credit data. The empirical findings using trade credit at current period are consistent with the earlier theories of trade credit that trade credit and bank credit are substitutes, but the model was not robust to estimation techniques. The study also used the lagged trade credit as a variable of interest and found that it is positively related to bank credit. This means that the trade credit data from the previous period can facilitate access to bank credit. Therefore, the information from trade credit can serve as a signal about firms’ quality and thus facilitates access to bank finance. / Economics / M. Com (Economics)

The legal nature of the bill of lading as a negotiable document of title has allowed it to provide the basis of a system in which bankers provide credit for the financing of international sales contracts on the strength of the security afforded by the goods represented in the bill. The sea waybill has appeared as a substitute for the bill of lading and, despite its nature as a nonnegotiable document, it can be employed in a manner which allows it to provide collateral security to banks. Multimodal transport documents which may be issued in negotiable or non-negotiable form assume the same legal role as the bill oflading or sea waybill respectively. The inclusion of specific articles in the 1993 Revision of the UCP relating to non-negotiable sea waybills and multimodal transport documents affirms their acceptability to banks financing international sales contracts under documentary letters of credit. / Law / LL.M.

Submitted by Diego de Sousa Rodrigues (diego-2607@hotmail.com) on 2018-05-21T19:09:48Z No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 724079 bytes, checksum: 3ad8ea76a1e94e45b794f4a0daa1ee3e (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Bom dia Diego, Para que possamos dar andamento ao seu processo será necessário fazer apenas alguns ajustes. SÃO PAULO 2018 = DEVE SER LETRA MAIÚSCULA NAS CAPAS. A ficha catalográfica, deve ser inserida conforme lhe foi enviado pela biblioteca - Mudando apenas a quantidade de paginas. ( colocar ate mesmo o quadrado/ retângulo ) Apos as modificações excluir o arquivo ja postado e fazer novamente toda submissão. Qualquer duvida estamos a disposição. att, Pâmela Tonsa 3799-7852 on 2018-05-22T13:29:44Z (GMT) / Submitted by Diego de Sousa Rodrigues (diego-2607@hotmail.com) on 2018-05-22T16:41:39Z No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 742240 bytes, checksum: 7566b1884a3945cd0b1e24a245dcae9b (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Boa tarde Diego, Conforme falamos , estou rejeitando seu trabalho para a nova alteração. Att. Pâmela Tonsa 3799-7852 on 2018-05-22T16:48:17Z (GMT) / Submitted by Diego de Sousa Rodrigues (diego-2607@hotmail.com) on 2018-05-22T16:54:53Z No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2018-05-22T16:56:47Z (GMT) No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-22T17:50:28Z (GMT) No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) / Made available in DSpace on 2018-05-22T17:50:28Z (GMT). No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) Previous issue date: 2018-05-16 / Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then the emergence of alternative ways to address liquidity needs, by undermining the liquidity role of these assets and reinforcing the relevance of their fundamental value, may increase the incentives to acquire information about them, and negatively impact the credit market. Hence, our results suggest that it is easier for these assets to accomplish the role of private money when there are fewer alternative ways to address liquidity needs. / Os títulos lastreados em ativos eram amplamente negociados. Provavelmente, isso aconteceu porque eram títulos complicadas, no sentido de que era muito custoso avaliar seu valor fundamental. Aqui, mostramos que, se este é o caso, então o surgimento de formas alternativas de atender às necessidades de liquidez, ao enfraquecer o papel de liquidez desses ativos e reforçar a relevância de seu valor fundamental, pode aumentar os incentivos para obter informações sobre eles e impactar negativamente o mercado de crédito. Portanto, nossos resultados sugerem que é mais fácil para esses ativos desempenharem o papel do dinheiro privado quando há menos formas alternativas de atender às necessidades de liquidez.