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Report
International Banking and Nonbank Financial Intermediation: Global Liquidity, Regulation, and Implications
Global liquidity flows are largely channeled through banks and nonbank financial institutions. The common drivers of global liquidity flows include monetary policy in advanced economies and risk conditions. At the same time, the sensitivities of liquidity flows to changes in these drivers differ across institutions and have been evolving over time. Microprudential regulation of banks plays a role, influencing leverage and capitalization, changing sensitivities to shocks, and also driving risk migration from banks to nonbank financial institutions. Risk sensitivities and flightiness of global ...
Speech
Economics at the Federal Reserve banks
Remarks at the American Economic Association 2014 Annual Meeting, Philadelphia, Pennsylvania