Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Journal Article
Banking, In and Out of the Shadows
Mullin, John (2019-04)
Highlighted Research of "Optimal Liquidity Policy With Shadow Banking." Borys Grochulski and Yuzhe Zhang. Economic Theory, September 2018
Econ Focus , Issue 2Q-3Q , Pages 3-3

Report
The Prudential Toolkit with Shadow Banking
Hachem, Kinda; Kuncl, Martin (2025-03-01)
Several countries now require banks or money market funds to impose state-contingent costs on short-term creditors to absorb financial stress. We study these requirements as part of the broader prudential toolkit in a model with five key ingredients: banks may face an aggregate stress state with high withdrawals; a fire-sale externality motivates a mix of non-contingent and state-contingent regulation; banks may use shadow technologies to circumvent regulation; parameters of the shadow technologies may be private information; and bailouts may occur. We characterize the optimal policy for ...
Staff Reports , Paper 1142

Speech
Global financial stability - the road ahead
Dudley, William (2014-02-26)
Remarks at the Tenth Asia-Pacific High Level Meeting on Banking Supervision, Auckland, New Zealand
Speech , Paper 130

Discussion Paper
Hybrid Intermediaries
Cetorelli, Nicola (2015-01-12)
A successful hybrid is an offspring of two species that, in a new environment, is better suited for survival than its own parents. Evolution in the financial ?ecosystem? seems to have driven the emergence of hybrid intermediaries.
Liberty Street Economics , Paper 20150112

Discussion Paper
Banks and Nonbanks Are Not Separate, but Interwoven
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce (2024-06-18)
In our previous post, we documented the significant growth of nonbank financial institutions (NBFIs) over the past decade, but also argued for and showed evidence of NBFIs’ dependence on banks for funding and liquidity support. In this post, we explain that the observed growth of NBFIs reflects banks optimally changing their business models in response to factors such as regulation, rather than banks stepping away from lending and risky activities and being substituted by NBFIs. The enduring bank-NBFI nexus is best understood as an ever-evolving transformation of risks that were hitherto ...
Liberty Street Economics , Paper 20240618

Report
Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce (2024-09-01)
In recent years, assets of nonbank financial intermediaries (NBFIs) have grown significantly relative to those of banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having transformed over time, rather than as having migrated from banks to NBFIs. These transformations are at least in part a ...
Staff Reports , Paper 1119

Report
Shadow bank monitoring
Cetorelli, Nicola; Ashcraft, Adam B.; Adrian, Tobias (2013-09-01)
We provide a framework for monitoring the shadow banking system. The shadow banking system consists of a web of specialized financial institutions that conduct credit, maturity, and liquidity transformation without direct, explicit access to public backstops. The lack of such access to sources of government liquidity and credit backstops makes shadow banks inherently fragile. Shadow banking activities are often intertwined with core regulated institutions such as bank holding companies, security brokers and dealers, and insurance companies. These interconnections of shadow banks with other ...
Staff Reports , Paper 638

Report
Credit supply disruptions: from credit crunches to financial crisis
Rosengren, Eric S.; Peek, Joe (2015-10-01)
Events that transpired during the recent financial crisis highlight the important role that financial intermediaries still play in the economy, especially during economic downturns. While the breadth and severity of the financial crisis took most observers by surprise, it has renewed academic interest in understanding the effects on the real economy of both financial shocks and the changing nature of financial intermediation. This interest in the real effects of financial shocks highlights a literature that began more than 20 years ago associated with the bank credit crunch of the early ...
Current Policy Perspectives , Paper 15-5

Working Paper
The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform
Jagtiani, Julapa; Lemieux, Catharine (2018-04-05)
Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating ...
Working Papers , Paper 18-15

Report
Macroprudential policy and the revolving door of risk: lessons from leveraged lending guidance
Plosser, Matthew; Santos, João A. C.; Kim, Sooji (2017-05-01)
We investigate the U.S. experience with macroprudential policies by studying the interagency guidance on leveraged lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued important clarifications. It also triggered a migration of leveraged lending to nonbanks. While we do not find that nonbanks had more lax lending policies than banks, we unveil important evidence that nonbanks increased bank borrowing following the issuance of guidance, possibly to finance their growing leveraged lending. The guidance was effective at reducing ...
Staff Reports , Paper 815

show more (26)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords