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Speech
Remarks at the New Jersey Bankers Association Regional Meeting
Remarks at the New Jersey Bankers Association Regional Meeting, Woodbridge, New Jersey.
Speech
Bullard Discusses Recent Policy Rate Increase, Outlook for U.S. Economy in Fireside Chat
St. Louis Fed President Jim Bullard shared his thoughts on the Federal Open Market Committee’s latest policy rate increase and the possibility of a soft landing for the U.S. economy. He spoke during a fireside chat with Minneapolis Fed President Neel Kashkari at an event hosted by the Economic Club of Minnesota.On May 3, the FOMC raised the target range for the federal funds rate by 25 basis points, to 5%-5.25%. Bullard said he thought the move “was a good next step for the committee.” He noted that the FOMC has done a lot in the past year or so. “But we have a lot of inflation in the ...
Briefing
Market Structure of Core Banking Services Providers
Three core providers dominate the market for core banking systems for depository institutions (DIs). These providers also have a large presence in vertically related markets, such as card network services; payment processing services for DIs, merchants, or governments; and banking-as-a-service. This market structure may make it difficult for DIs to switch their core providers, affecting their ability to offer new services and stay competitive.
Working Paper
Fintech Entry, Firm Financial Inclusion, and Macroeconomic Dynamics in Emerging Economies
We build a model with a traditional banking system, endogenous entry of firms and fintech intermediaries, and firm heterogeneity in credit access and usage to study the credit-market, macroeconomic, and business cycle implications of the recent sizable growth in the number of fintech intermediaries in emerging economies. Our analysis delivers three findings. First, the impact of greater fintech entry on firm financial inclusion depends on whether greater entry is driven by lower entry costs for fintech intermediaries or lower barriers to fintech credit for unbanked firms. Second, greater ...