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Minority Depository Institutions Have Vital Role Serving Vulnerable Communities
Cetina, Jill; Klemme, Kelly; Perez, Michael (2022-02-01)
Minority depository institutions merit particular attention because of the unique role they play in nurturing economic activity in minority and low- and moderate-income communities.
Dallas Fed Economics

Discussion Paper
Just Released: What Do Banking Supervisors Do?
Lucca, David O.; Hirtle, Beverly (2015-05-28)
In most developed economies, banking is among the most regulated and supervised sectors. While 'regulation' and 'supervision' are often used interchangeably, these two activities are distinct. Banking supervision is a complement to regulation, but its scope is much broader than simply ensuring that an institution is in compliance with regulation. Despite the importance of supervision, information about it is often limited, both because of the heavy reliance upon banks' confidential information and because many supervisory activities and actions are themselves confidential. In a recently ...
Liberty Street Economics , Paper 20150528

Working Paper
Diamond-Dybvig and Beyond: On the Instability of Banking
Gu, Chao; Monnet, Cyril; Nosal, Ed; Wright, Randall (2023-02-13)
Are financial intermediaries—in particular, banks—inherently unstable or fragile, and if so, why? We address this question theoretically by analyzing whether model economies with financial intermediation are more prone than those without it to multiple, cyclic, or stochastic equilibria. We consider several formalizations: insurance-based banking, models with reputational considerations, those with fixed costs and delegated investment, and those where bank liabilities serve as payment instruments. Importantly for the issue at hand, in each case banking arrangements arise endogenously. ...
FRB Atlanta Working Paper , Paper 2023-02

Speech
Central Banking and Its Discontents? Athenaeum of Philadelphia Philadelphia, PA
Harker, Patrick T. (2016-11-17)
The value of the U.S. central bank's structure in strengthening local and national economies was underscored by Federal Reserve Bank of Philadelphia President Patrick T. Harker during a speech today at the Athenaeum of Philadelphia.
Speech , Paper 126

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

Working Paper
Banking on Deforestation: The Cost of Nonenforcement
Berger, Allen N.; Ortega, Cristina; Ossandon Busch, Matias; Roman, Raluca (2024-12-05)
Despite surging environmental laws, how their enforcement influences banks’ management of climate risks remains underexplored. Using the Brazilian Amazon as a laboratory, we examine the impact of a shock to environmental law enforcement capacity on bank management of risks arising from deforestation — a significant but understudied climate risk. After enforcement declined, Brazilian banks significantly altered their priorities to more short-term profitability over longer-term risk concerns. Banks greatly increased lending to agribusinesses engaged in deforestation and actively shifted ...
Working Papers , Paper 24-21

Mexican peso strength noteworthy among emerging markets during Fed tightening
Sagnanert, Pon; Cañas, Jesus; Torres, Luis (2023-09-26)
Many emerging-market currencies have depreciated modestly during the Federal Reserve’s tightening cycle that began in March 2022. The Mexican peso, however, outperformed the group during the period.
Dallas Fed Economics

Discussion Paper
Can I Speak to Your Supervisor? The Importance of Bank Supervision
Hirtle, Beverly; Kovner, Anna (2024-04-15)
In March of 2023, the U.S. banking industry experienced a period of significant turmoil involving runs on several banks and heightened concerns about contagion. While many factors contributed to these events—including poor risk management, lapses in firm governance, outsized exposures to interest rate risk, and unrecognized vulnerabilities from interconnected depositor bases, the role of bank supervisors came under particular scrutiny. Questions were raised about why supervisors did not intervene more forcefully before problems arose. In response, supervisory agencies, including the Federal ...
Liberty Street Economics , Paper 20240415

Anticipatory discount window stigma
Schulhofer-Wohl, Sam (2024-09-06)
Observers often assert that stigma—a perception that depositors, investors or others will penalize an institution for borrowing from the discount window—keeps banks from borrowing when they should, making the facilities less effective. Dallas Fed Senior Vice President Sam Schulhofer-Wohl argues that some harms of discount window stigma can be mitigated regardless of whether stigma itself persists.
Dallas Fed Economics

Working Paper
The Effect of Common Ownership on Profits : Evidence From the U.S. Banking Industry
Gramlich, Jacob P.; Grundl, Serafin J. (2018-10-03)
Theory predicts that "common ownership" (ownership of rivals by a common shareholder) can be anticompetitive because it reduces the weight firms place on their own profits and shifts weight toward rival firms held by common shareholders. In this paper we use accounting data from the banking industry to examine empirically whether shifts in the profit weights are associated with shifts in profits. We present the distribution of a wide range of estimates that vary the specification, sample restrictions, and assumptions used to calculate the profit weights. The distribution of estimates is ...
Finance and Economics Discussion Series , Paper 2018-069

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