We consider a Keynes-Goodwin model of effective demand and the distributive cycle where workers purchase goods and houses with marginal propensity significantly larger than one. They therefore need credit, supplied from asset holders, and have to pay interest on their outstanding debt. In this...

Non-banks originated about half of all mortgages in 2016, and 75% of mortgages insured by the FHA or VA. Both shares are much higher than those observed at any point in the 2000s. We describe in this paper how non-bank mortgage companies are vulnerable to liquidity pressures in both their loan...

The paper builds up on the body of the international research of the issue of microcredit to outline the possible policy scenarios and business strategies for the Russian market.Russia has recently witnessed the rapid change of political and regulatory attitude towards the microcrediting. As...

Virtually no attention has been paid to the problem of cyclicality in debates over access to mortgage credit, despite its importance as a driver of tight credit. Housing markets are prone to booms accompanied by bubbles in mortgage credit in which lenders cut underwriting standards, leading to...

Manias, Panics and Crashes was first published in 1978, and dealt with financial crises that were, for the most part, before World War II. Black Monday of October 1987, along with more research especially on the years from 1880 to 1893 indicated a need for a second look. The third edition had...

We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...

This paper analyses the impact of different treatments of government bonds in bank liquidity regulation on financial stability. Using a theoretical model, we show that a sudden increase in sovereign default risk may lead to liquidity issues in the banking sector, implying the insolvency of a...

The late-2000s financial crisis has re-ignited a debate about the impact of regulating consumer mortgage markets. This paper examines how a court-mandated repeal of a home mortgage regulation in Cleveland a effected home foreclosures. To distinguish the effect of deregulation from confounding...