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Report
Corporate governance and banks: what have we learned from the financial crisis?
Recent academic work and policy analysis give insight into the governance problems exposed by the financial crisis and suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of nonfinancial firms. We then look at four areas of governance: executive compensation, boards, risk management, and market discipline. We discuss promising solutions and areas where further research is needed.
Journal Article
Market declines: what is accomplished by banning short-selling?
In 2008, U.S. regulators banned the short-selling of financial stocks, fearing that the practice was helping to drive the steep drop in stock prices during the crisis. However, a new look at the effects of such restrictions challenges the notion that short sales exacerbate market downturns in this way. The 2008 ban on short sales failed to slow the decline in the price of financial stocks; in fact, prices fell markedly over the two weeks in which the ban was in effect and stabilized once it was lifted. Similarly, following the downgrade of the U.S. sovereign credit rating in 2011?another ...
Journal Article
What you don’t know can hurt you: keeping track of risks in the financial system
The financial crisis of 2007-2008 left in its wake new responsibilities for regulators to monitor the economy for risks to financial stability. The new task of monitoring financial stability includes tracking the risks of financial instruments and learning where these risks are located within the financial marketplace. One way to do this is to track the quantities of financial instruments and which institutions hold them. In this article, Leonard Nakamura discusses some limitations of the current data and the current data framework and the extent to which we can use the Flow of Funds for ...
Speech
Steps toward a new financial regulatory architecture, speech presented on Ohio Bankers' Day, Columbus, Ohio April 1, 2009
President Pianalto discusses the economic outlook and the Federal Reserve?s recent actions, commenting on changes to the financial regulatory system. She makes the case for a new framework for categorizing financial institutions based on the degree of risk they pose to the financial system, adding her endorsement to what some have called macroprudential supervision.
Speech
Lessons of the crisis: the implications for regulatory reform
Remarks at the Partnership for New York City Discussion, New York City.
Speech
Lessons at the zero bound: the Japanese and U.S. experience
Remarks at the Japan Society, New York City.
Journal Article
Part 1: Introduction to New Directions for Understanding Systemic Risk
The Federal Reserve Bank of New York released a report -- New Directions for Understanding Systemic Risk -- that presents key findings from a cross-disciplinary conference that it cosponsored in May 2006 with the National Academy of Sciences' Board on Mathematical Sciences and Their Applications. ; The pace of financial innovation over the past decade has increased the complexity and interconnectedness of the financial system. This development is important to central banks, such as the Federal Reserve, because of their traditional role in addressing systemic risks to the financial system. ; ...
Speech
Remarks at Panel Discussion on OTC Derivatives Reform and broader financial reforms agenda
Remarks at the 2013 OTC Derivatives Conference, Paris, France.
Speech
Some observations and lessons from the crisis
Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut.