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A Two-Sided Auction for Legacy Loans

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Abstract

On Monday, 23 March 2009, Treasury Secretary Geithner presented the Public-Private Investment Program as a key instrument to resolve the financial crisis (www.financialstability.gov). The Treasury’s description still leaves many issues unanswered. We flesh out the auction design for legacy loans. A two-sided auction is required. Both banks and private investors must compete in a transparent and competitive process.

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File URL: http://www.cramton.umd.edu/papers2005-2009/ausubel-cramton-legacy-loan-auction.pdf
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Bibliographic Info

Paper provided by University of Maryland, Department of Economics - Peter Cramton in its series Papers of Peter Cramton with number 09tsall.

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Length: 3 pages
Date of creation: 2009
Date of revision: 2009
Publication status: Published in Working Paper, University of Maryland, March 2009
Handle: RePEc:pcc:pccumd:09tsall

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Postal: Economics Department, University of Maryland, College Park, MD 20742-7211
Phone: (202) 318-0520
Fax: (202) 318-0520
Web page: http://www.cramton.umd.edu

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Keywords: Auctions; financial auctions; financial crisis;

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