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Dealers’ Hedging of Interest Rate Options in the U.S. Dollar Fixed-Income Market

Kambhu, John - Federal Reserve Bank <New York, NY>; London School of … - 1998

As derivatives markets have grown, thescope of financial intermediation hasevolved beyond credit intermediation tocover a wide variety of risks. Financialderivatives allow dealers to intermediate the risk managementneeds of their customers by unbundling customerexposures and reallocating them...

Persistent link: https://www.econbiz.de/10005870101

Does Consumer Confidence Forecast Household Expenditure? A Sentiment Index Horse Race

Bram, Jason; Ludvigson, Sydney C. - Federal Reserve Bank <New York, NY>; London School of … - 1998

[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...

Persistent link: https://www.econbiz.de/10005870102

Vertical Specialization and the Changing Nature of World Trade

Hummels, David; Rapoport, Dana; Yi, Kei-Mu - Graduate School of Business <Chicago, Ill.>; Federal …; … - 1998

[...]In this article, we shed light on the globalizationof international production and trade by demonstratingthe increasingly important role vertical specializationplays in international trade. We use case studies andinput-output tables to calculate the level and growth...

Persistent link: https://www.econbiz.de/10005870104

Bank Capital Requirements for Market Risk: The Internal Models Approach

Hendricks, Darryll; Hirtle, Beverly - Federal Reserve Bank <New York, NY>; London School of … - 1997

[...]This paper presents an overview of the new capitalrequirements. In the first section, we describe the structureof the requirements and the considerations that went intotheir design. In addition, we address some of the concernsthat have been raised about the methods of calculating...

Persistent link: https://www.econbiz.de/10005870218

Is There an Inflation Puzzle?

Lown, Cara S.; Rich, Robert W. - Federal Reserve Bank <New York, NY>; London School of … - 1997

[...]This article explores the inflation puzzle andinvestigates whether compensation has acted as either atemporary restraint on inflation or as the underlying sourceof a new inflation regime.2 After reviewing the recent behavior of inflation, we specify and estimate a traditionalprice-inflation...

Persistent link: https://www.econbiz.de/10005870223

Banks with Something to Lose: The Disciplinary Role of Franchise Value

Demsetz, Rebecca S.; Saidenberg, Marc R.; Strahan, Philip E. - Federal Reserve Bank <New York, NY>; London School of … - 1996

incorporates the risks of a bank’s asset, liability,and off-balance-sheet positions as well as its leverage.We also use information …

Persistent link: https://www.econbiz.de/10005870335

Determinants and Impact of Sovereign Credit Ratings

Cantor, Richard; Packer, Frank - Federal Reserve Bank <New York, NY>; London School of … - 1996

[...]To explore these questions, we present the firstsystematic analysis of the determinants and impact of thesovereign credit ratings assigned by the two leading U.S.agencies, Moody’s Investors Service and Standard andPoor’s.1 Such an analysis has only recently become possibleas a result of...

Persistent link: https://www.econbiz.de/10005870337

Remarks on Economic, Supervisory, and Regulatory Issues Facing Foreign Banks Operating in the United States

McDonough, William J. - Federal Reserve Bank <New York, NY>; London School of … - 1995

I am delighted to be here today to address this importantconference on economic, supervisory, and regulatory issuesfacing foreign banks operating in the United States. I alsovery much appreciate the efforts of my colleague GeneLudwig and his staff at the Office of the Comptroller of theCurrency...

Persistent link: https://www.econbiz.de/10005870343

A Prolegomenon to Future Capital Requirements

Estrella, Arturo - London School of Economics and Political Science - 1995

This article does not address specific capital proposalsnor does it suggest specific new requirements. Theframework it provides, however, has implications for possiblefuture refinements in the supervisory approach to capitalrequirements.[...]

Persistent link: https://www.econbiz.de/10005870353

Historical Patterns and Recent Changes in the Relationship between Bank Holding Company Size and Risk

Demsetz, Rebecca S.; Strahan, Philip E. - Federal Reserve Bank <New York, NY>; London School of … - 1995

[...]This article investigates the relationshipbetween asset size and risk at bank holding companiesfrom 1987 to 1993 ….1 We find that for most of thisperiod, the level of risk at large bank holding companiesdid not differ significantly from … counterbalanced this diversification advantage,leaving large bank holding companies with no less riskthan small companies throughout …

Persistent link: https://www.econbiz.de/10005870355