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Author:Liu, Emily 

Working Paper
The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets

This paper shows that monetary policy and prudential policies interact. U.S. banks issue more commercial and industrial loans to emerging market borrowers when U.S. monetary policy eases. The effect is less pronounced for banks that are more constrained through the U.S. bank stress tests, reflected in a lower minimum capital ratio in the severely adverse scenario. This suggests that monetary policy spillovers depend on banks? capital constraints. In particular, during a period of quantitative easing when liquidity is abundant, banks are more flexible, and the scope for adjusting lending is ...
International Finance Discussion Papers , Paper 1265

Discussion Paper
Who Owns U.S. CLO Securities? An Update by Tranche

Against the backdrop of the COVID-19 crisis, leveraged loans have deteriorated and concerns about CLOs, the main buyers of loans on the secondary market, have increased. These concerns have reduced the demand for new CLOs, making it harder for firms to borrow through leveraged loans on the primary market, as banks have found it more difficult to sell loans on the secondary market.
FEDS Notes , Paper 2020-06-25

Discussion Paper
Who Owns U.S. CLO Securities

Despite the increasing importance of U.S. CLOs, information on the holders of U.S. CLO securities is very limited. This note provides a breakdown of CLO investors by location and investor type using data from the Treasury International Capital (TIC) system. We find that most U.S. CLOs are held by U.S. investors and that the holdings are concentrated in insurance companies, mutual funds, and depository institutions.
FEDS Notes , Paper 2019-07-26-1

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