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Issues in central bank finance and independence

Stella, Peter; Lonnberg, Åke - Federal Reserve Bank of Atlanta - 2008

Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular … monetary liabilities and sometimes foreign reserves. The canonical model of an "independent" central bank assumes that it … paper considers the relatively novel idea that an independent central bank could be constrained in achieving its policy …

Persistent link: https://www.econbiz.de/10004965421

On government credit programs

Espinosa-Vega, Marco; Smith, Bruce D.; Yip, Chong K. - Federal Reserve Bank of Atlanta - 1998

Credit rationing is a common feature of most developing economies. In response to it, the governments of these countries often operate extensive credit programs and lend, either directly or indirectly, to the private sector. We analyze the macroeconomic consequences of a typical government...

Persistent link: https://www.econbiz.de/10005514543

Why didn't the United States establish a central bank until after the panic of 1907?

Moen, Jon R.; Tallman, Ellis W. - Federal Reserve Bank of Atlanta - 1999

the Panic of 1907. But why did the successful movement for creating a U.S. central bank follow the Panic of 1907 and not …

Persistent link: https://www.econbiz.de/10005514559

Are there optimal multiple reserve requirements?

Espinosa, Marco; Russell, Steven - Federal Reserve Bank of Atlanta - 1996

A number of developing countries have adopted deficit-finance regimes involving multiple reserve requirements. One question the previous literature on this phenomenon has not addressed is whether multiple-reserves regimes can improve on regimes involving single-currency-reserve requirements if...

Persistent link: https://www.econbiz.de/10005514585

Financial fragility and the exchange rate regime

Chang, Roberto; Velasco, Andres - Federal Reserve Bank of Atlanta - 1997

-Dybvig model. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism … system implements the social optimum and eliminates runs, provided the exchange rate and central bank lending policies are …

Persistent link: https://www.econbiz.de/10005401975

Suspension of payments, bank failures, and the nonbank public's losses

Gerald P. Dwyer, Jr.; Hasan, Iftekhar - Federal Reserve Bank of Atlanta - 1996

Arguably, eliminating suspensions of payments--periods when banks jointly refuse to convert their liabilities into outside money or other assets--was an important impetus for creating the Federal Reserve. Friedman and Schwartz suggest that a suspension in 1930 would have decreased the severity...

Persistent link: https://www.econbiz.de/10005402041

The Asian liquidity crisis

Chang, Roberto; Velasco, Andres - Federal Reserve Bank of Atlanta - 1998

A country's financial system is internationally illiquid if its potential short-term obligations in foreign currency exceed the amount of foreign currency it can have access to in short notice. This condition may be necessary and sufficient for financial crises and/or exchange rate collapses...

Persistent link: https://www.econbiz.de/10005721645

Financial crises in emerging markets: a canonical model

Chang, Roberto; Velasco, Andres - Federal Reserve Bank of Atlanta - 1998

run on the currency if the central bank attempts to act as a lender of last resort. …

Persistent link: https://www.econbiz.de/10005721657

Determinants of domestic and cross-border bank acquisitions in the European Union

Hernando, Ignacio; Nieto, María J.; Wall, Larry D. - Federal Reserve Bank of Atlanta - 2008

This paper analyzes the determinants of bank acquisitions both within and across 25 members of the European Union (EU-25) during the period 1997–2004. Our results suggest that poorly managed banks (those with a high cost-to-income ratio) and larger banks are more likely to be acquired by other...

Persistent link: https://www.econbiz.de/10004965442

Empirical studies of financial innovation: lots of talk, little action?

Frame, W. Scott; White, Lawrence J. - Federal Reserve Bank of Atlanta - 2002

This paper reviews the extant empirical studies of financial innovation. Adopting broad criteria, the authors found just two dozen studies, over half of which (fourteen) had been conducted since 2000. Since some financial innovations are examined by more than one study, only fourteen distinct...

Persistent link: https://www.econbiz.de/10005514531