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Author:Black, Lamont K. 

Newsletter
Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy

The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their tenth annual risk conference on March 29?30, 2017. The conference brought together financial industry professionals, academics, and regulators to discuss the rapid pace of technological innovation in financial services, as well as the uncertainty of the changing economy through the lens of risk management.
Chicago Fed Letter

Newsletter
Deepening the Foundations of Risk Management

The ongoing recovery from the Great Recession has been accompanied by changes in the types of risks that financial institutions face and the ways in which they manage them. Even as improving labor markets and modest economic growth have strengthened balance sheets and stabilized most businesses, financial services firms remain under considerable pressure. In this context, the Federal Reserve Bank of Chicago and DePaul University hosted their eighth annual risk conference on March 31?April 1, 2015.
Chicago Fed Letter

Working Paper
Safe Collateral, Arm's-Length Credit : Evidence from the Commercial Real Estate Mortgage Market

When collateral is safe, there are less opportunities for things to go wrong. We examine matching between collateral and creditors in the commercial real estate mortgage market by comparing loans in commercial mortgage backed securities (CMBS) conduits and bank portfolios. We model CMBS financing as lower cost but less informed, such that only safe collateral is funded by CMBS. This prediction is tested using the 2007-2009 shutdown of the CMBS market as a natural experiment. The loans funded by banks that would have been securitized are less likely to default or be renegotiated, indicating ...
Finance and Economics Discussion Series , Paper 2017-056

Newsletter
Managing Risk in the Recovery

The Chicago Fed's Supervision and Regulation Department, in conjunction with the Center for Financial Services at DePaul University?s Driehaus College of Business, held the seventh annual Financial Institution Risk Management Conference on April 8?9, 2014. The conference brought together business professionals, academics, and regulatory agency staff to discuss current risks and challenges facing a broad range of financial institutions.
Chicago Fed Letter , Issue Nov

Conference Paper
Differences across originators iin CMBS loan underwritten

Proceedings , Paper 1123

Working Paper
The cross-market spillover of economic shocks through multi-market banks

This paper investigates the mortgage lending of banks operating in multiple U.S. metropolitan areas during the housing market collapse of 2007-2009. Some metro areas in the U.S. suffered much greater mortgage defaults than others. We use this regional variation to identify whether high mortgage delinquencies in some markets affected multi-market banks' mortgage lending in other markets. Our results show that multi-market banks reduced local mortgage lending in response to delinquencies in other markets, consistent with the view that local economic shocks can be transmitted to other regions ...
Finance and Economics Discussion Series , Paper 2013-52

Working Paper
Raising capital when the going gets tough: U.S. bank equity issuance from 2001 to 2014

The authors studied bank equity issuance during 2001?14 by publicly traded U.S. banks through seasoned equity offerings (SEOs), private investment in public equity (PIPEs), and the Troubled Asset Relief Program (TARP). Results show that private investors were an active and important source of bank recapitalization in the United States as issuance through SEOs and PIPEs peaked in the recent crisis.
Research Working Paper , Paper RWP 16-5

Working Paper
How the credit channel works: differentiating the bank lending channel and the balance sheet channel

The credit channel of monetary policy transmission operates through changes in lending. To examine this channel, we explore how movements in the real federal funds rate affect bank lending. Using data on individual loans from the Survey of Terms of Bank Lending, we are able to differentiate two ways the credit channel can work: by affecting overall bank lending (the bank lending channel) and by affecting the allocation of loans (the balance sheet channel). We find evidence consistent with the operation of both internal credit channels. During periods of tight monetary policy, banks adjust ...
Working Paper Series , Paper WP-07-13

Working Paper
The systemic risk of European banks during the financial and sovereign debt crises

We propose a hypothetical distress insurance premium (DIP) as a measure of the European banking systemic risk, which integrates the characteristics of bank size, default probability, and interconnectedness. Based on this measure, the systemic risk of European banks reached its height in late 2011 around ? 500 billion. We find that the sovereign default spread is the factor driving this heightened risk in the banking sector during the European debt crisis. The methodology can also be used to identify the individual contributions of over 50 major European banks to the systemic risk measure. ...
International Finance Discussion Papers , Paper 1083

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