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Speech
Plosser defines key issues in financial reform : remarks to the Joint Economic Committee Staff Meeting, U.S. Congress, May 5, 2010.
Plosser, Charles I. (2010-05-05)
In remarks at a meeting of the Joint Economic Committee, President Charles I. Plosser discussed the importance of implementing regulatory changes that would help to avert financial crises in the future.
Speech , Paper 38

Speech
Regulatory reform: lessons from the front line, 19th Annual Hyman P. Minsky Conference on the State of the U. S. and World Economies Organized by the Levy Economic Institute of Bard College, New York, New York, April 14, 2010
Pianalto, Sandra (2010)
In a speech at the Minsky Conference on the State of the U.S. and World Economies, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed consolidated supervision, an important, but sometimes overlooked, aspect of regulatory reform. She also described the criteria that she thinks should be used to define systemically important institutions and discussed a framework for ensuring financial firms are effectively supervised based on the risk they pose to the financial system. She concluded with an explanation of why it is vitally important for the Federal Reserve to remain ...
Speech , Paper 28

Working Paper
On the network topology of variance decompositions: Measuring the connectedness of financial firms
Yilmaz, Kamil; Diebold, Francis X. (2011)
The authors propose several connectedness measures built from pieces of variance decompositions, and they argue that they provide natural and insightful measures of connectedness among financial asset returns and volatilities. The authors also show that variance decompositions define weighted, directed networks, so that their connectedness measures are intimately-related to key measures of connectedness used in the network literature. Building on these insights, the authors track both average and daily time-varying connectedness of major U.S. financial institutions' stock return volatilities ...
Working Papers , Paper 11-45

Working Paper
Who said large banks don't experience scale economies? Evidence from a risk-return-driven cost function
Mester, Loretta J.; Hughes, Joseph P. (2011)
Earlier studies found little evidence of scale economies at large banks; later studies using data from the 1990s uncovered such evidence, providing a rationale for very large banks seen worldwide. Using more recent data, the authors estimate scale economies using two production models. The standard risk-neutral model finds little evidence of scale economies. The model using more general risk preferences and endogenous risk-taking finds large scale economies. The authors show that these economies are not driven by too-big-to-fail considerations. They evaluate the cost implications of breaking ...
Working Papers , Paper 11-27

Journal Article
Foreign currency loans and systemic risk in Europe
Yesin, Pinar (2013-05)
Foreign currency loans to the unhedged non-banking sector are remarkably prevalent in Europe and create a significant exchange-rate-induced credit risk to European banking sectors. In particular, Swiss franc (CHF)-denominated loans, popular in Eastern European countries, could trigger simultaneous bank failures if depreciation of the domestic currencies prevents unhedged borrowers from servicing the loans. Foreign currency loans thus pose a systemic risk from a ?common market shock? perspective. The author uses a novel dataset of foreign-currency loans from 17 countries for 2007-11 (collected ...
Review , Volume 95 , Issue May , Pages 219-236

Speech
Challenges in resolving systemically important financial institutions.
Rosengren, Eric S. (2009)
Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for The Institute of Regulation and Risk North Asia, Hong Kong, May 5, 2009
Speech , Paper 26

Working Paper
Banks as Regulated Traders
Falato, Antonio; Iercosan, Diana A.; Zikes, Filip (2019-02-07)
This paper uses detailed high-frequency regulatory data to evaluate whether trading increases or decreases systemic risk in the U.S. banking sector. We estimate the sensitivity of weekly bank trading net profits to a variety of aggregate risk factors, which include equities, fixed-income, derivatives, foreign exchange, and commodities. We find that U.S. banks had large trading exposures to equity market risk before the introduction of the Volcker Rule in 2014 and that they curtailed these exposures afterwards. Pre-rule equity risk exposures were large across the board of the main asset ...
Finance and Economics Discussion Series , Paper 2019-005

Working Paper
Funds of Funds' Portfolio Rebalancing during the COVID-19 Crisis
Foley-Fisher, Nathan; Lee, Jeongmin (2025-12-15)
During the COVID-19 crisis, large outflows from bond mutual funds disrupted debt markets. We show that ""funds of funds""-mutual funds that invest in other mutual funds-accounted for a third of those outflows in March 2020. They rebalanced their portfolios mechanically in response to equity market losses, selling bond funds and purchasing equity funds. While they sold 14 percent of their total bond fund holdings, they concentrated sales in government bond funds, liquidating 34 percent of their holdings, over 100 percent of outflows from these funds. Our findings highlight how mechanical ...
Finance and Economics Discussion Series , Paper 2025-106

Journal Article
Resolving large, complex financial firms
Greenlee, Mark B.; Fitzpatrick, Thomas J.; Thomson, James B. (2011-08)
How to best manage the failure of systemically important financial firms was the theme of a recent conference at which the latest research on the issue was presented. Here we summarize that research, the discussions that it sparked, and the areas where considerable work remains.
Economic Commentary , Issue Aug

Working Paper
Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting
Mehran, Hamid; Acharya, Viral V.; Thakor, Anjan V. (2010)
Banks face two moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient ?pet? projects or simply being lazy and uninnovative). The privately-optimal level of bank leverage is neither too low nor too high: It balances effi ciently the market discipline imposed by owners of risky debt on managerial rent-seeking against the asset-substitution induced at high levels of leverage. However, when correlated bank failures can impose significant social costs, regulators may bail out bank ...
Working Papers (Old Series) , Paper 1024

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