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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending During the 2007-09 US Financial Crisis
Carlson, Mark A. - 2015
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR),...
Persistent link: https://www.econbiz.de/10013026757
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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending During the 2007-09 U.S. Financial Crisis
Carlson, Mark A. - 2015
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR),...
Persistent link: https://www.econbiz.de/10013027063
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Fiscal implications of central bank balance sheet policies
Orphanides, Athanasios - 2016
Under ordinary circumstances, the fiscal implications of central bank policies tend to be seen as relatively minor and escape close scrutiny. The global financial crisis of 2008, however, demanded an extraordinary response by central banks which brought to light the immense power of central bank...
Persistent link: https://www.econbiz.de/10011498983
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That's how we roll : an experiment on rollover risk
Bosch-Rosa, Ciril - 2014
There is consensus that the recent financial crisis revolved around a crash of the short-term credit market. Yet there is no agreement around the necessary policies to prevent another credit freeze. In this experiment we test the effects that contract length (i.e. maturity mismatch) has on the...
Persistent link: https://www.econbiz.de/10010402935
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Securitization markets and central banking : an evaluation of the term asset-backed securities loan facility
Campbell, Sean D.; Covitz, Daniel M.; Nelson, William R.; … - In: Journal of monetary economics 58 (2011) 4, pp. 518-531
Persistent link: https://www.econbiz.de/10009317505
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"Where’s my swap line?" : a money view of international lender of last resort
Mehrling, Perry - In: Jahrbuch für Wirtschaftsgeschichte 63 (2022) 2, pp. 559-574
The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier...
Persistent link: https://www.econbiz.de/10013447685
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Provision of liquidity through the primary credit facility during the financial crisis: a structural analysis
Artuç, Erhan; Demiralp, Selva - 2009
Over the course of the recent liquidity crisis, the Federal Reserve made several changes to its primary credit lending facility such as narrowing the spread between the primary credit rate and the target funds rate and increasing the term of the borrowing. In this paper, we use the model...
Persistent link: https://www.econbiz.de/10010273681
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Managing stigma during a financial crisis
Anbil, Sriya - 2017
How should regulators design effective emergency lending facilities to mitigate stigma during a financial crisis? I … lender of last resort during the Great Depression. I find evidence of stigma in that depositors withdrew more deposits from … banks included on the lists in comparison with banks left off the lists. However, stigma dissipated for banks that were …
Persistent link: https://www.econbiz.de/10011708103
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The Federal Reserve's commercial paper funding facility
Adrian, Tobias; Kimbrough, Karin; Marchioni, Dina - 2010
The Federal Reserve created the Commercial Paper Funding Facility (CPFF) in the midst of severe disruptions in money markets following the bankruptcy of Lehman Brothers on September 15, 2008. The CPFF finances the purchase of highly rated unsecured and asset-backed commercial paper from eligible...
Persistent link: https://www.econbiz.de/10010287057
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The Federal Reserve’s commercial paper funding facility
Adrian, Tobias; Kimbrough, Karin; Marchioni, Dina - 2010
The Federal Reserve created the Commercial Paper Funding Facility (CPFF) in the midst of severe disruptions in money markets following the bankruptcy of Lehman Brothers on September 15, 2008. The CPFF finances the purchase of highly rated unsecured and asset-backed commercial paper from eligible...
Persistent link: https://www.econbiz.de/10003948222