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Cournot fire sales
Eisenbach, Thomas M.; Phelan, Gregory - 2018
illiquid assets or underprovision of liquidity. We investigate whether imperfect competition (Cournot) improves welfare through … internalizing the externality and find that this is far from guaranteed. In a standard model of liquidity shocks, when liquidity is … sufficiently scarce, Cournot competition leads to even less liquidity than the Walrasian equilibrium. In a standard model of …
Persistent link: https://www.econbiz.de/10011806238
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Credit risk transfer and de facto GSE reform
Finkelstein, David L.; Strzodka, Andreas; Vickery, James - 2018
disrupting the liquidity or stability of mortgage secondary markets. In the process, the programs have created a new financial … market for pricing and trading mortgage credit risk, which has grown in size and liquidity over time. The CRT programs …
Persistent link: https://www.econbiz.de/10011806244
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Resolving troubled systemically important cross-border financial institutions : is a new corporate organizational form required?
Cumming, Christine M.; Eisenbeis, Robert A. - 2010
This paper explores the advantages of a new financial charter for large, complex, internationally active financial institutions that would address the corporate governance challenges of such organizations, including incentive problems in risk decisions and the complicated corporate and...
Persistent link: https://www.econbiz.de/10008657240
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The effect of regulatory oversight on nonbank mortgage subsidiaries
Balla, Eliana; Brastow, Raymond; Edgel, Daniel; Rose, … - In: The journal of real estate finance and economics 68 (2024) 3, pp. 523-575
Persistent link: https://www.econbiz.de/10014494282
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Macroprudential supervision of financial institutions : lessons from the SCAP
Hirtle, Beverly J.; Schuermann, Til; Stiroh, Kevin J. - 2009
A fundamental conclusion drawn from the recent financial crisis is that the supervision and regulation of financial firms in isolation — a purely microprudential perspective — are not sufficient to maintain financial stability. Rather, a macroprudential perspective, which evaluates and...
Persistent link: https://www.econbiz.de/10003948196
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Bailouts and financial fragility
Keister, Todd - 2010
How does the belief that policymakers will bail out investors in the event of a crisis affect the allocation of resources and the stability of the financial system? I study this question in a model of financial intermediation with limited commitment. When a crisis occurs, the efficient policy...
Persistent link: https://www.econbiz.de/10008746936
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Robust capital regulation
Acharya, Viral V.; Mehran, Hamid; Schuermann, Til; … - 2011
Banks' leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance-sheet opacity and ease of asset substitution argue for less. Meanwhile, regulatory safety nets promote ex post financial stability, but also create perverse incentives for banks...
Persistent link: https://www.econbiz.de/10008987101
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Evaluating the information in the Federal Reserve stress tests
Flannery, Mark; Hirtle, Beverly J.; Kovner, Anna - 2015
We find evidence that the Federal Reserve stress tests (CCAR and DFAST) produce information about the stress-tested firms as well as other, non-stress-tested banking companies. Although standard event studies do not always show abnormal returns for the stress-tested sample on average, we argue...
Persistent link: https://www.econbiz.de/10011342852
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Discussion of "an integrated framework for multiple financial regulations"
Adrian, Tobias - 2012
spirals, all of which provide rationales for policies designed to improve welfare. In GKTV’s model, liquidity ratios are found … to be more efficient preemptive tools than capital ratios or loan-to-value ratios. However, these liquidity ratios need …
Persistent link: https://www.econbiz.de/10009669924
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Financial stability monitoring
Adrian, Tobias; Covitz, Daniel M.; Liang, Jean Nellie - 2013
While the Dodd-Frank Act (DFA) broadens the regulatory reach to reduce systemic risks to the U.S. financial system, it does not address some important risks that could migrate to or emanate from entities outside the federal safety net. At the same time, it limits the types of interventions by...
Persistent link: https://www.econbiz.de/10009721298