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Working Paper
Lessons of the past and prospects for the future in lender of last resort theory
A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue operations through the central bank.
Journal Article
FDICIA's discount window provisions
A description of the evolution of supervisory policy toward failing banks over the past two decades, with particular emphasis on the modifications to Federal Reserve Banks' discount window administration as set forth by the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA).
Journal Article
Bank receivership and conservatorship
A history of regulatory and statutory responses to failing banks, with special focus on changes since 1987 affecting receiverships, conservatorships, and bridge banks. The author argues that some of these changes, including depositor preference legislation enacted in 1993, have had unintended and still-uncertain consequences.
Journal Article
Lessons from the collapse of three state-chartered private deposit insurance funds
An analysis of the collapse of the Rhode Island Share and Deposit Indemnity Corporation, distinguishing the elements of failure and resolution that it shared with other large state-chartered deposit insurance funds--principally the Ohio and Maryland funds--from those that were unique to Rhode Island.
Journal Article
History of and rationales for the Reconstruction Finance Corporation
An analysis of the lessons learned from the 1930s financial rescue mechanism, the Reconstruction Finance Corporation, and a comparison of its structure to that of today's Resolution Trust Corporation.
Journal Article
FDICIA's emergency liquidity provisions
An exploration of the change in standards for Federal Reserve discount window access by nonbanks encompassed in the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), concluding that although it retrenched the federal financial safety net for undercapitalized insured depository institutions, the provision effectively expanded the safety net for uninsured nonbanks, irrespective of their capital or net worth positions.
Working Paper
The Federal Reserve Board before Marriner Eccles (1931-1934)
A history of the evolution of political economy models in the early 1930s--crucial years of change in the supervision and regulation of the financial industry--outlining the policies of the Hoover and Roosevelt administrations, the change of focus in the Federal Reserve Board from corporate-statist economic initiatives to an orthodox Keynesian outlook, and the push toward centralizing the monetary powers of the Federal Reserve System at the Board.
Working Paper
An insider's view of the political economy of the too big to fail doctrine
An explanation of the relationship between interbank exposure and the too big to fail doctrine, with an examination of the interbank exposure of U.S. banks between March 1984 and March 1990.
Working Paper
The evolving legal framework for financial services
A summary of the history of financial services regulation in the United States and an examination of the conflicting models of political economy, or the legal framework, that lay behind that history.