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Report
Are bank holding companies a source of strength to their banking subsidiaries?
I present evidence that the cross-guarantee authority granted to the FDIC by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 has unexpectedly strengthened the Federal Reserve's source-of-strength doctrine. In particular, I find that a bank affiliated with a multi-bank holding company is significantly safer than either a stand-alone bank or a bank affiliated with a one-bank holding company. Not only does affiliation reduce the probability of future financial distress, but distressed affiliated banks are more likely to receive capital injections and recover more quickly ...
Journal Article
FIRREA and the future of thrifts
Journal Article
The new thrift act: mending the safety net
Journal Article
The new structure of the housing finance system
Journal Article
Full-blown crisis, half-measure cure
Journal Article
FIRREA and deposit insurance reform