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The SSM at 1
Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011557140
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Renegotiable debt, liquidity injections and financial instability
Doh, Hyun Soo; Feng, Guanhao - In: Journal of derivatives and quantitative studies 32 (2024) 3, pp. 182-199
This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to withdraw their funding and equityholders can renegotiate the contract terms of debt. We show that when equityholders...
Persistent link: https://www.econbiz.de/10015055030
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Thawing Frozen Capital Markets and Backdoor Bailouts : Evidence from the Fed's Liquidity Programs
Boyson, Nicole M. - 2015
During the subprime crisis, the Federal Reserve introduced several emergency liquidity programs as supplements to the discount window: TAF, PDCF, and TSLF. Using data on loans to large commercial banks and primary dealers, we find that the programs were used by relatively few institutions and...
Persistent link: https://www.econbiz.de/10013032412
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$29,000,000,000,000 : a detailed look at the Fed's bailout by funding facility and recipient
Felkerson, James - 2011
examination of the data on the Fed's bailout of the financial system - the most comprehensive investigation of the raw data to … and magnitude of the Fed's crisis response. The bottom line: a Federal Reserve bailout commitment in excess of $29 … trillion. -- Global Financial Crisis ; Fed Bailout ; Lender of Last Resort ; Term Auction Facility ; Central Bank Liquidity …
Persistent link: https://www.econbiz.de/10009388800
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$29,000,000,000,000 : A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
Felkerson, James - 2011
examination of the data on the Fed's bailout of the financial system — the most comprehensive investigation of the raw data to … and magnitude of the Fed's crisis response. The bottom line: a Federal Reserve bailout commitment in excess of $29 …
Persistent link: https://www.econbiz.de/10013117641
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex - 2011
lenders' beliefs about the probability of bailout. Events like Lehman's collapse are conceived of as ”black swan” events that … led lenders to put a positive mass on bailout probabilities that were previously assigned zero mass.Results of the … analysis include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both …
Persistent link: https://www.econbiz.de/10013122330
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Stressing the Fed Stress Tests Against COVID-19
Potter, Simon - 2020
COVID-19 is a new type of shock that is likely to produce losses on loans and financial assets higher and more correlated than historical adverse macroeconomic shocks unless policy stabilization efforts are successful. Further, the sudden economic stop caused by the need for social distancing...
Persistent link: https://www.econbiz.de/10012830100
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Preventing a New Global Financial Crisis Amidst the Current 'Inflation Crisis' and the Spring 2023 Bank Failure Episodes
Gortsos, Christos - 2023
US) investment banks and their subsequent, in most cases, bail-out by public funds – and on the real sector of the …
Persistent link: https://www.econbiz.de/10014354197
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Global Financial Crisis : a Minskyan interpretation of the causes, the Fed's bailout, and the future
Wray, L. Randall - 2012
moves on to an examination of the US government's bailout of the global financial system. While other governments played a … role, the US Treasury and the Federal Reserve assumed much of the responsibility for the bailout. A detailed examination of … the biggest financial institutions. The paper closes with an assessment of the problems the bailout itself poses for the …
Persistent link: https://www.econbiz.de/10009515445
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Global Financial Crisis : A Minskyan Interpretation of the Causes, the Fed’s Bailout, and the Future
Wray, L. Randall - 2012
moves on to an examination of the US government's bailout of the global financial system. While other governments played a … role, the US Treasury and the Federal Reserve assumed much of the responsibility for the bailout. A detailed examination of … the biggest financial institutions. The paper closes with an assessment of the problems the bailout itself poses for the …
Persistent link: https://www.econbiz.de/10013108272