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Financial stability considerations for monetary policy : empirical evidence and challenges

Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz - 2022

This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic...

Persistent link: https://www.econbiz.de/10013161882

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

Uncertain booms and fragility

Lee, Michael Junho - 2018

I develop a framework of the buildup and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: "normal times", periods of modest investment, and "booms", periods of expansionary investment. Normal times occur when the...

Persistent link: https://www.econbiz.de/10011880642

Runs and flights to safety : are stablecoins the new money market funds?

Anadu, Kenechukwu; Azar, Pablo D.; Cipriani, Marco; … - 2023

Stablecoins and money market funds both seek to provide investors with safe, money-like assets but are vulnerable to runs in times of stress. In this paper, we investigate similarities and differences between the two, comparing investor behavior during the stablecoin runs of 2022 and 2023 to...

Persistent link: https://www.econbiz.de/10014391283

Measuring global financial market stresses

Groen, Jan J. J.; Nattinger, Michael B.; Noble, Adam I. - 2020

We propose measures of ﬁnancial market stress for forty-six countries and regions across the world. Our measures … wake of the COVID-19 pandemic. However, hardly anywhere in the world did these March peaks in ﬁnancial stresses reach those … for the near-term economic outlook across most parts of the world, with the exception of China. A structural Bayesian VAR …

Persistent link: https://www.econbiz.de/10012268021

Money market fund vulnerabilities : a global perspective

Bouveret, Antoine; Martin, Antoine; McCabe, Patrick E. - 2022

Money market funds (MMFs) are popular around the world, with over $9 trillion in assets under management globally. From …

Persistent link: https://www.econbiz.de/10013162109

Stigma in financial market : evidence from liquidity auctions and discount window borrowing during the crisis

Armantier, Olivier; Ghysels, Eric; Sarkar, Asani; … - 2011

We provide empirical evidence for the existence, magnitude, and economic impact of stigma associated with banks borrowing from the Federal Reserve's discount window facility. We find that, during the height of the financial crisis, banks were willing to pay an average premium of at least 37...

Persistent link: https://www.econbiz.de/10008935736

The fragility of short-term secured funding markets

Martin, Antoine; Skeie, David; Thadden, Ernst-Ludwig von - 2013

This paper develops a model of financial institutions that borrow short term and invest in longterm assets that can be traded in frictionless markets. Because these financial intermediaries perform maturity transformation, they are subject to potential runs. We derive distinct liquidity,...

Persistent link: https://www.econbiz.de/10010201349

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

Follow the money : quantifying domestic effects of foreign bank shocks in the great recession

Cetorelli, Nicola; Goldberg, Linda S. - 2012

Foreign banks pulled signifi cant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the...

Persistent link: https://www.econbiz.de/10009521579