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The Primary Dealer Credit Facility
Martin, Antoine; MacLaughlin, Susan - 2021
The Federal Reserve established a new Primary Dealer Credit Facility (PDCF) in March 2020, to allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households, in the face of deteriorating conditions in the market for triparty repo...
Persistent link: https://www.econbiz.de/10012625889
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The effect of the central bank liquidity support during pandemics : evidence from the 1918 influenza pandemic
Anderson, Haelim Park; Chang, Jin Wook; Copeland, Adam - 2020
The coronavirus outbreak raises the question of how central bank liquidity support affects financial stability and promotes economic recovery. Using newly assembled data on cross-county flu mortality rates and state-charter bank balance sheets in New York State, we investigate the effects of the...
Persistent link: https://www.econbiz.de/10012224329
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Reducing moral hazard at the expense of market discipline : the effectiveness of double liability before and during the Great Depression
Anderson, Haelim Park; Barth, Daniel; Choi, Dong Beom - 2018
Prior to the Great Depression, regulators imposed double liability on bank shareholders to ensure financial stability and protect depositors. Under double liability, shareholders of failing banks lost their initial investment and had to pay up to the par value of the stock in order to compensate...
Persistent link: https://www.econbiz.de/10011926198
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Information management in times of crisis
Anderson, Haelim Park; Copeland, Adam - 2019
How does information management and control affect bank stability? Following a national bank holiday in 1933, New York state bank regulators suspended the publication of balance sheets of state-charter banks for two years, whereas the national-charter bank regulator did not. We use this...
Persistent link: https://www.econbiz.de/10012137622
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Defaults and losses on commercial real estate bonds
Wiggers, Tyler; Ashcraft, Adam B. - 2012
-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those … higher loan-to-value ratios results in higher rates of default and loss. They also support the business cycle's significance … is a rapid recovery around the corner. -- Great Depression ; CMBS market ; default and loss study ; commercial real …
Persistent link: https://www.econbiz.de/10009521614
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Beyond thirty : treasury issuance of long-term bonds from 1953 to 1965
Garbade, Kenneth D. - 2017
Ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one with a forty-year term,...
Persistent link: https://www.econbiz.de/10011586602
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Bank capital and value in the cross section
Mehran, Hamid; Thakor, Anjan V. - 2009
We address two questions: (i) Are bank capital structure and value correlated in the cross section, and if so, how? (ii) If bank capital does affect bank value, how are the components of bank value affected by capital? We first develop a dynamic model with a dissipative cost of bank capital that...
Persistent link: https://www.econbiz.de/10003947552
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MBS ratings and the mortgage credit boom
Ashcraft, Adam B.; Goldsmith-Pinkham, Paul; Vickery, James - 2010
We study credit ratings on subprime and Alt-A mortgage-backed-securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly rated securities in each deal is decreasing in mortgage credit risk (measured either ex ante or ex post),...
Persistent link: https://www.econbiz.de/10008657284
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Rollover risk as market discipline : a two-sided inefficiency
Eisenbach, Thomas M. - 2013
Why does the market discipline that banks face seem too weak during good times and too strong during bad times? This paper shows that using rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic risk. However, if banks' assets are correlated, a two-sided...
Persistent link: https://www.econbiz.de/10009709345
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Liquidity hoarding
Gale, Douglas; Yorulmazer, Tanja - 2011
Banks hold liquid and illiquid assets. An illiquid bank that receives a liquidity shock sells assets to liquid banks in exchange for cash. We characterize the constrained efficient allocation as the solution to a planner's problem and show that the market equilibrium is constrained inefficient,...
Persistent link: https://www.econbiz.de/10008936422