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Banks' incentives and the quality of internal risk models
Plosser, Matthew Charles; santos, joao - Federal Reserve Bank of New York - 2014
This paper investigates the incentives for banks to bias their internally generated risk estimates. We are able to … estimate bank biases at the credit level by comparing bank-generated risk estimates within loan syndicates. The biases are … credits. In addition, we find that low-capital banks’ risk estimates have less explanatory power than those of high …
Persistent link: https://www.econbiz.de/10011103531
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Testimony on improving financial institution supervision: examining and addressing regulatory capture
Dudley, William - Federal Reserve Bank of New York - 2014
Testimony before the Senate Committee on Banking, Housing, and Urban Affairs Financial Institutions and Consumer Protection Subcommittee.
Persistent link: https://www.econbiz.de/10011082686
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The sensitivity of housing demand to financing conditions: evidence from a survey
Fuster, Andreas; Zafar, Basit - Federal Reserve Bank of New York - 2014
The sensitivity of housing demand to mortgage rates and available leverage is key to understanding the effect of monetary and macroprudential policies on the housing market. However, since there is generally no exogenous variation in these variables that is independent of confounding factors...
Persistent link: https://www.econbiz.de/10011093791
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The rescue of Fannie Mae and Freddie Mac
Frame, W Scott; Fuster, Andreas; Tracy, Joseph; … - Federal Reserve Bank of New York - 2015
We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that...
Persistent link: https://www.econbiz.de/10011207943
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Overnight RRP operations as a monetary policy tool: some design considerations
Martin, Antoine; Remache, Julie Ann; Frost, Joshua; … - Federal Reserve Bank of New York - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10011184286
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How mortgage finance affects the urban landscape
Haughwout, Andrew F.; Tracy, Joseph; Chan, Sewin - Federal Reserve Bank of New York - 2015
This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background on the design features of mortgage contracts that...
Persistent link: https://www.econbiz.de/10011185868
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Discussion of “Systemic Risk and the Solvency-Liquidity Nexus of Banks”
Adrian, Tobias - Federal Reserve Bank of New York - 2015
shock to the level of banks’ solvency risk is followed by lower short-term debt. Conversely, higher short-term debt Granger …-causes higher solvency risk. These results point toward a tight interaction between solvency and liquidity risk over time. My …
Persistent link: https://www.econbiz.de/10011241660
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The effect of state pension cut legislation on bank values
Mehran, Hamid; Cohen, Lee; Cornette, Marcia Millon; … - Federal Reserve Bank of New York - 2014
This study provides an empirical analysis of the impact of Wisconsin and Ohio pension cut legislation on values of banks operating in Wisconsin and Ohio, banks operating in other states in which pension cut legislation was being considered as Wisconsin and Ohio went through its legislative...
Persistent link: https://www.econbiz.de/10010823097
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No guarantees, no trade: how banks affect export patterns
Niepmann, Friederike - Federal Reserve Bank of New York - 2013
This study provides evidence that shocks to the supply of trade finance have a causal effect on U.S. exports. The identification strategy exploits variation in the importance of banks as providers of letters of credit across countries. The larger a U.S. bank’s share of the trade finance market...
Persistent link: https://www.econbiz.de/10010739556
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Liquidity risk and U.S. bank lending at home and abroad
Goldberg, Linda S.; Correa, Ricardo; Rice, Tara - Federal Reserve Bank of New York - 2014
-sectional differences in response to liquidity risk depend on the banks’ shares of core deposit funding. By contrast, differences across …
Persistent link: https://www.econbiz.de/10010784189