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Valuing the Futures Market Clearinghouse's Default Exposure During the 1987 Crash
Bates, David S. - 2008
Futures market clearinghouses are intermediaries that make large volume trading between anonymous parties feasible. During the October 1987 market crash rumors spread that a major clearinghouse might fail. This paper presents estimates of three measures of the default exposure on the popular...
Persistent link: https://www.econbiz.de/10012774903
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Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the Target2 Debate
Eichengreen, Barry - 2014
This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...
Persistent link: https://www.econbiz.de/10013051745
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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
currencies has the potential to improve central banks' payment and clearing operations, and possibly to serve as a platform from …
Persistent link: https://www.econbiz.de/10012992627
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Confronting Divergent Interests in Cross-Country Regulatory Arrangements
Kane, Edward J. - 2021
Although nation-based systems of financial regulation constitute a second-best approach to global welfare maximization, treacherous accountability problems must be acknowledged and resolved before regulatory cooperation can deal fairly and efficiently with cross-border issues. To track and...
Persistent link: https://www.econbiz.de/10013225171
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The Price of Stability : The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of England changed its rate very frequently. Why did the policies of these central banks, the two pillars of the gold standard, differ so much? How did the Bank of France manage to...
Persistent link: https://www.econbiz.de/10013046162
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"To Establish a More Effective Supervision of Banking" : How the Birth of the Fed Altered Bank Supervision
White, Eugene N. - 2011
Although bank supervision under the National Banking System exercised a light hand and panics were frequent, depositor losses were minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks early if they appeared to be in trouble. Inducing...
Persistent link: https://www.econbiz.de/10013129130
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The Federal Reserve and Financial Regulation : The First Hundred Years
Gorton, Gary B. - 2013
This paper surveys the role of the Federal Reserve within the financial regulatory system, with particular attention to the interaction of the Fed's role as both a supervisor and a lender-of-last-resort (LOLR). The institutional design of the Federal Reserve System was aimed at preventing...
Persistent link: https://www.econbiz.de/10013077960
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Do Capital Adequacy Requirements Matter for Monetary Policy?
Cecchetti, Stephen G.; Li, Lianfa - 2021
Central bankers and financial supervisors often have different goals. While monetary policymakers want to ensure that there are always sufficient lending activities to maintain high and stable economic growth, supervisors work to limit banks. lending capacities in order to prevent excessive...
Persistent link: https://www.econbiz.de/10013230822
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The Evolution of the Financial Stability Mandate : From its Origins to the Present Day
Toniolo, Gianni - 2015
We investigate the origins and growth of the Financial Stability Mandate (FSM) to examine why bank supervisors, inside and outside of central banks succeeded or failed to meet their FSM. Three issues inform this study: (1) what drives changes in the FSM, (2) whether supervision should be...
Persistent link: https://www.econbiz.de/10013030142
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Bernstein, Asaf - 2014
in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is … already had a clearinghouse. Using identical securities on the CSE as a control, we find that the introduction of clearing … reduced annualized volatility of NYSE returns by 90-173bps and increased asset values. Prior to clearing, shocks to overnight …
Persistent link: https://www.econbiz.de/10013047773