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Working Paper
Stablecoins: Growth Potential and Impact on Banking
Liao, Gordon Y.; Caramichael, John (2022-01-31)
Stablecoins have experienced tremendous growth in the past year, serving as a possible breakthrough innovation in the future of payments. In this paper, we discuss the current use cases and growth opportunities of stablecoins, and we analyze the potential for stablecoins to broadly impact the banking system. The impact of stablecoin adoption on traditional banking and credit provision can vary depending on the sources of inflow and the composition of stablecoin reserves. Among the various scenarios, a two-tiered banking system can both support stablecoin issuance and maintain traditional ...
International Finance Discussion Papers , Paper 1334

Journal Article
Banking Trends: The Growing Role of CRE Lending
DiSalvo, James; Johnston, Ryan (2016-07)
Commercial real estate has grown dramatically as a share of U.S. economic activity and is banks? largest lending category, particularly for small and midsize banks. It is also the riskiest part of bank portfolios. James DiSalvo and Ryan Johnston provide a primer. First in a series.
Banking Trends , Issue Q3 , Pages 15-21

Report
Government Guarantees and the Valuation of American Banks
Weill, Pierre-Olivier; D'Avernas, Adrien; Eisfeldt, Andrea L.; Atkeson, Andrew (2018-06-19)
Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s, then more than doubled during the 1996-2007 period, and fell again to values close to 1 after the 2008 financial crisis. Sarin and Summers (2016) and Chousakos and Gorton (2017) argue that the drop in banks' market-to-book ratio since the crisis is due to a loss in bank franchise value or profitability. In this paper we argue that banks' market-to-book ratio is the sum of two components: franchise value and the value of government guarantees. We empirically decompose the ratio between these two ...
Staff Report , Paper 567

Working Paper
Observing Enforcement: Evidence from Banking
Kleymenova, Anya V.; Tomy, Rimmy E. (2021-08-02)
This paper finds that the disclosure of supervisory actions is associated with changes in regulators' enforcement behavior. Using a novel sample of enforcement decisions and orders (EDOs) and the setting of the 1989 Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which required the public disclosure of EDOs, we find that U.S. bank regulators issue more EDOs, intervene sooner, and rely more on publicly observable signals after the disclosure regime change. The content of EDOs also changes, with documents becoming more complex and boilerplate. Our results are stronger in ...
Finance and Economics Discussion Series , Paper 2021-049

CARES Act Likely to Blunt Mortgage Delinquency Rate Increase
Zhou, Xiaoqing (2020-05-26)
Household survey data and recent unemployment forecasts provide a basis for estimating the share of mortgage borrowers that—absent the CARES Act—would have missed a mortgage payment due to the economic shutdown.
Dallas Fed Economics

Working Paper
To sell or to borrow: a theory of bank liquidity management
Kowalik, Michal (2014-12-01)
Research Working Paper , Paper RWP 14-18

Ability to Repay a Mortgage: Assessing the Relationship Between Default, Debt-to-Income
Sexton, Daniel; Tracy, Joseph; Gerardi, Kristopher S.; Frame, W. Scott (2020-03-24)
The Consumer Financial Protection Bureau has announced that it intends to change the definition of a “qualified mortgage.” Specifically, the CFPB proposes to reconsider the use of a borrower's debt-to-income ratio as a measure of the ability to repay a loan.
Dallas Fed Economics

Working Paper
Banking Regulation with Risk of Sovereign Default
Schoors, Koen; Livshits, Igor; D'Erasmo, Pablo (2019-02-22)
Banking regulation routinely designates some assets as safe and thus does not require banks to hold any additional capital to protect against losses from these assets. A typical such safe asset is domestic government debt. There are numerous examples of banking regulation treating domestic government bonds as ?safe,? even when there is clear risk of default on these bonds. We show, in a parsimonious model, that this failure to recognize the riskiness of government debt allows (and induces) domestic banks to ?gamble? with depositors? funds by purchasing risky government bonds (and assets ...
Working Papers , Paper 19-15

The Long Road to Housing Finance Reform: 'Are We There Yet?'
Tracy, Joseph; Frame, W. Scott (2020-02-04)
Over the past decade, broad-based legislative reforms for housing finance have proven elusive. However, reflecting lessons from the financial crisis, a political consensus has emerged on how Fannie Mae and Freddie Mac should operate.
Dallas Fed Economics

Journal Article
The Global Pandemic and Run on Shadow Banks
Sengupta, Rajdeep (2020-05-11)
In March, the global coronavirus pandemic led to a period of financial stress in which credit conditions tightened at an unprecedented pace. Elements of this stress period can be explained as a classic run on “shadow banks”—nonbank financial institutions that fund long-term assets with short-term debt. Although timely Federal Reserve interventions restored some calm to markets, shadow banks remain vulnerable to future runs because they lack the safeguards available to regulated depository institutions.
Economic Bulletin , Issue May 11, 2020 , Pages 5

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