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Discussion Paper
How Do Liquidity Conditions Affect U.S. Bank Lending?
Correa, Ricardo; Rice, Tara N.; Goldberg, Linda S. (2014-10-15)
The recent financial crisis underscored the importance of understanding how liquidity conditions for banks (or other financial institutions) influence the banks' lending to domestic and foreign customers.
IFDP Notes , Paper 2014-10-15

Working Paper
Bank Complexity, Governance, and Risk
Goldberg, Linda S.; Correa, Ricardo (2020-07-02)
Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader risk profiles is less well understood. Business, organizational, and geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may ...
International Finance Discussion Papers , Paper 1287

Working Paper
Global Spillovers of a China Hard Landing
Goernemann, Nils; Dias, Daniel A.; Hoek, Jasper; Jain, Anil K.; Ahmed, Shaghil; Correa, Ricardo; Wong, Anna; Liu, Edith X. (2019-10-18)
China?s economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such an event to the rest of the world with three methodologies: a VAR, an event study, and a DSGE model. We find the sentiment channel to be the primary spillover channel to the United States, affecting global risk aversion and asset prices such as equity prices and the dollar, in addition to modest real effects through the trade channel. In comparison, ...
International Finance Discussion Papers , Paper 1260

Discussion Paper
Have the Risk Profiles of Large U.S. Bank Holding Companies Changed?
Goldberg, Linda S.; Correa, Ricardo; Lai, Kevin (2020-02-03)
After the global financial crisis, regulatory changes were implemented to support financial stability, with some changes directly addressing capital and liquidity in bank holding companies (BHCs) and others targeting BHC size and complexity. Although the overall size of the largest U.S. BHCs has not decreased since the crisis, the organizational complexity of these same organizations has declined, with less notable changes being observed in their range of businesses and geographic scope (Goldberg and Meehl, forthcoming). In this post, we explore how different types of BHC risks—risks that ...
Liberty Street Economics , Paper 20200203

Working Paper
Financial Stability Governance and Central Bank Communications
Londono, Juan M.; Claessens, Stijn; Correa, Ricardo (2021-09-10)
We investigate how central banks' governance frameworks influence their financial stability communication strategies and assess the effectiveness of these strategies in preventing a worsening of financial cycle conditions. We develop a simple conceptual framework of how central banks communicate about financial stability and how communication shapes the evolution of the financial cycle. We apply our framework using data on the governance characteristics of 24 central banks and the sentiment conveyed in their financial stability reports. We find robust evidence that communications by central ...
International Finance Discussion Papers , Paper 1328

Discussion Paper
Central Banks' Financial Stability Communications during the COVID-19 Pandemic
Yang, Jerry; Correa, Ricardo; Londono, Juan M. (2020-09-18)
The COVID-19 pandemic has led to the implementation of unprecedented policy actions by central banks around the world. Along with the reduction of interest rates and the use of asset purchase and lending programs, central bank communications have been actively deployed as a policy tool.
FEDS Notes , Paper 2020-09-18-3

Working Paper
Trade Uncertainty and U.S. Bank Lending
Minoiu, Camelia; Goldberg, Linda S.; Correa, Ricardo; di Giovanni, Julian (2024-10-18)
This paper uses U.S. credit register data and the 2018–19 Trade War to study the effects of uncertainty on domestic credit supply. Exploiting differences in banks' ex-ante exposure to trade uncertainty, we find that increased uncertainty is associated with a broad lending contraction across their customer firms. This result is consistent with banks responding to uncertainty with wait-and-see behaviors, where more exposed banks curtail risky exposures, reduce loan maturities, and adjust loan supply along both intensive and extensive margins. The lending contraction is larger for more ...
FRB Atlanta Working Paper , Paper 2024-16

Report
International banking and cross-border effects of regulation: lessons from the United States
Niepmann, Friederike; Goldberg, Linda S.; Berrospide, Jose M.; Correa, Ricardo (2016-09-01)
Domestic prudential regulation can have unintended effects across borders and may be less effective in an environment where banks operate globally. Using U.S. micro-banking data for the first quarter of 2000 through the third quarter of 2013, this study shows that some regulatory changes indeed spill over. First, a foreign country?s tightening of limits on loan-to-value ratios and local currency reserve requirements increase lending growth in the United States through the U.S. branches and subsidiaries of foreign banks. Second, a foreign tightening of capital requirements shifts lending by ...
Staff Reports , Paper 793

Report
Liquidity risk and U.S. bank lending at home and abroad
Correa, Ricardo; Goldberg, Linda S.; Rice, Tara N. (2014-06-01)
While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign affiliates. Among the nonglobal banks (those without a foreign affiliate), cross-sectional differences in response to liquidity risk depend on the banks? shares of core deposit funding. By contrast, differences across global banks (those with foreign affiliates) are associated with ex ante liquidity ...
Staff Reports , Paper 676

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