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Financial system architecture and technological vulnerability
Erol, Selman; Lee, Michael Junho - 2024
This paper presents a framework to study of technological resiliency of financial system architecture. Financial market infrastructures, or platforms, compete with services critical functions along various stages in the lifecycle of a trade, and make investments in technological resiliency to...
Persistent link: https://www.econbiz.de/10015069782
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The financial stability implications of digital assets
Azar, Pablo D.; Baughman, Garth; Carapella, Francesca; … - 2022
The value of assets in the digital ecosystem has grown rapidly amid periods of high volatility. Does the digital financial system create new potential challenges to financial stability? This paper explores this question using the Federal Reserve's framework for analyzing vulnerabilities in the...
Persistent link: https://www.econbiz.de/10013401861
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The global financial resource curse
Benigno, Gianluca; Fornaro, Luca; Wolf, Martin - 2020
productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and … global productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows … cut back investment in innovation. Since innovation in the United States determines the evolution of the world …
Persistent link: https://www.econbiz.de/10012167488
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Zombie credit and (dis-)inflation: evidence from Europe
Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - 2020
labor, which results in lower productivity, investment, and value added. Without a rise in zombie credit, inflation in …
Persistent link: https://www.econbiz.de/10012391508
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Brand reallocation and market concentration
Pearce, Jeremy; Wu, Liangjie - 2024
We study the interaction of customer capital and productivity through brand reallocation across firms. We develop a … firm dynamics model with brands as transferable customer capital, heterogeneous firm productivity, and variable markups. We … study the matching process between transferable brand capital and core productivity, which can be inefficient with …
Persistent link: https://www.econbiz.de/10015062505
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The dual nature of trade : measuring its impact on imitation and growth
Connolly, Michelle P. - 1998
Persistent link: https://www.econbiz.de/10000992160
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A new survey of the U.S. bilateral repo market : a snapshot of broker-dealer activity
Baklanova, Viktoria; Caglio, Cecilia; Cipriani, Marco; … - 2016
We provide aggregate statistics on U.S. dealers' bilateral repurchase agreements and economically equivalent securities lending activities. The data were collected from the U.S.-affiliated securities dealers of nine bank holding companies under a voluntary pilot program run by the Office of...
Persistent link: https://www.econbiz.de/10011413234
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Valuing the Treasury’s Capital Assistance Program/ Paul Glasserman; Zhenyu Wang
Glasserman, Paul; Wang, Zhenyu - 2009
The Capital Assistance Program (CAP) was created by the U.S. government in February 2009 to provide backup capital to large financial institutions unable to raise sufficient capital from private investors. Under the terms of the CAP, a participating bank receives contingent capital by issuing...
Persistent link: https://www.econbiz.de/10003948201
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Financial amplification mechanisms and the Federal Reserve’s supply of liquidity during the crisis
Sarkar, Asani; Shrader, Jeffrey - 2010 - Rev.
The small decline in the value of mortgage-related assets relative to the large total losses associated with the financial crisis suggests the presence of financial amplification mechanisms, which allow relatively small shocks to propagate through the financial system. We review the literature...
Persistent link: https://www.econbiz.de/10003948801
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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