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Conference Paper
The speed of bank liquidation and the propagation of the U.S. Great Depression
Kolari, James; Mason, Joseph R.; Anari, Ali (2000)
Proceedings , Paper 683

Conference Paper
The determinants of corporate loan liquidity
Carey, Mark S.; Bhasin, Vijay (1999)
Proceedings , Paper 617

Speech
Liquidity and systemic risk.
Rosengren, Eric S. (2008)
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Federal Reserve Bank of Richmond's 2008 Credit Markets Symposium, The Changing Business of Banking, Charlotte, North Carolina, April 18, 2008
Speech , Paper 12

Report
Financial amplification mechanisms and the Federal Reserve's supply of liquidity during the crisis
Shrader, Jeffrey; Sarkar, Asani (2010)
The small decline in the value of mortgage-related assets relative to the large total losses associated with the financial crisis suggests the presence of financial amplification mechanisms, which allow relatively small shocks to propagate through the financial system. We review the literature on financial amplification mechanisms and discuss the Federal Reserve's interventions during different stages of the crisis in light of this literature. We interpret the Fed's early-stage liquidity programs as working to dampen balance sheet amplifications arising from the positive feedback between ...
Staff Reports , Paper 431

Conference Paper
Banking and commerce: an approach based on liquidity synergies
Santos, Joao A. C.; Haubrich, Joseph G. (1998)
Proceedings , Paper 610

Journal Article
The timing and funding of CHAPS sterling payments
Galbiati, Marco; Becher, Christopher; Tudela, Merxe (2008-09)
Real-time gross settlement (RTGS) systems such as CHAPS Sterling require large amounts of liquidity to support payment activity. To meet their liquidity needs, RTGS participants borrow from the central bank or rely on incoming payments from other participants. Both options can prove costly -- the latter in particular if participants delay outgoing payments until incoming ones arrive. This article presents an empirical analysis of the timing and funding of payments in CHAPS. The authors seek to identify the factors driving the intraday profile of payment activity and the extent to which ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 113-133

Working Paper
Pre-Positioning and Cross-Border Financial Intermediation
Tabor, Nicholas K.; Zhang, Jeffery Y. (2022-08-09)
The benefits of cross-border financial activity are wide-ranging, from greater competition and more efficient markets to broader and more stable access to capital. During normal economic times, the official sector and private sector share an incentive to foster such cross-border financial activities. During a financial crisis, however, the short-term alignment of official- and private-sector incentives can divergeâ€”sometimes significantly. We present a game-theoretic model of the underlying trade-offs and discuss lessons for international financial regulators, placing them in the ...
Finance and Economics Discussion Series , Paper 2022-051

Journal Article
The Federal Reserve's Term Auction Facility
Armantier, Olivier; Krieger, Sandra C.; McAndrews, James J. (2008-07)
As liquidity conditions in the term funding markets grew increasingly strained in late 2007, the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF). The TAF provides term funding on a collateralized basis, at interest rates and amounts set by auction. The facility is designed to improve liquidity by making it easier for sound institutions to borrow when the markets are not operating efficiently.
Current Issues in Economics and Finance , Volume 14 , Issue Jul

Conference Paper
Banks as liquidity providers: an explanation for the co-existence of lending and deposit-taking
Rajan, Raghuram G.; Kashyap, Anil K.; Stein, Jeremy C. (1998)
Proceedings , Paper 582

Report
Bank commitment relationships, cash flow constraints, and liquidity management
Morgan, Donald P. (2000)
Evidence in this paper suggests that a close banking relationship--a loan commitment in particular--relaxes cash flow and cash management constraints on firms. Given firms' prospects (Q), the investment and cash flow correlation is substantially lower when firms have a bank loan commitment. The difference in cash flow sensitivity reflects differences in firms' cash management practices in the face of cash flow shocks. Firms with a commitment simply run down their stocks of cash (or borrow more) when their cash flow falls but their investment prospects remain strong. The different ...
Staff Reports , Paper 108

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