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Keywords:Bank liquidity 

Five years since the crisis: where are we now?

Remarks at the Institute of International Bankers' Seminar on Risk Management and Regulatory/Examinations Compliance Issues.
Speech , Paper 120

Journal Article
Navigating the brave new world of bank liquidity

By traditional measures, liquidity risk for banks is higher today than 10 years ago. But new measures-necessitated by new funding sources-tell another story.
The Regional Economist , Issue Jul , Pages 12-13

Conference Paper
Bank mergers, competition, and liquidity

Proceedings , Paper 854

Conference Paper
Liquidity risk, liquidity creation and financial fragility: a theory of banking

Both investors and borrowers are concerned about liquidity. Investors desire liquidity because they are uncertain about when they will want to eliminate their holding of a financial asset. Borrowers are concerned about liquidity because they are uncertain about their ability to continue to attract or retain funding. We argue that financial intermediation can resolve these liquidity problems that arise in direct lending. Banks enable depositors to withdraw at low cost, as well as buffer firms from the liquidity needs of their investors. We show the bank has to have a somewhat fragile capital ...
Proceedings , Issue Sep

Liquidity hoarding

Banks hold liquid and illiquid assets. An illiquid bank that receives a liquidity shock sells assets to liquid banks in exchange for cash. We characterize the constrained efficient allocation as the solution to a planner?s problem and show that the market equilibrium is constrained inefficient, with too little liquidity and inefficient hoarding. Our model features a precautionary as well as a speculative motive for hoarding liquidity, but the inefficiency of liquidity provision can be traced to the incompleteness of markets (due to private information) and the increased price volatility that ...
Staff Reports , Paper 488

Journal Article
An economic analysis of liquidity-saving mechanisms

A recent innovation in large-value payments systems has been the design and implementation of liquidity-saving mechanisms (LSMs), tools used in conjunction with real-time gross settlement (RTGS) systems. LSMs give system participants, such as banks, an option not offered by RTGS alone: they can queue their outgoing payments. Queued payments are released if some prespecified event occurs. LSMs can reduce the amount of central bank balances necessary to operate a payments system as well as quicken settlement. This article analyzes the performance of RTGS systems with and without the addition of ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 25-39

Financial intermediary leverage and value at risk

We study a contracting model for the determination of leverage and balance sheet size for financial intermediaries that fund their activities through collateralized borrowing. The model gives rise to two features: First, leverage is procyclical in the sense that leverage is high when the balance sheet is large. Second, leverage and balance sheet size are both determined by the riskiness of assets. For U.S. investment banks, we find empirical support for both features of our model, that is, leverage is procyclical, and both leverage and balance sheet size are determined by measured risks. In a ...
Staff Reports , Paper 338

Federal Reserve lending disclosure

Testimony of Thomas C. Baxter, Jr., and Scott G. Alvarez, General Counsel of the Board of Governors, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
Speech , Paper 54

Regulatory reform of the global financial system

Remarks hosted by the Institute of Regulation & Risk North Asia, Tokyo, Japan.
Speech , Paper 51

Implications of a credit crunch.

Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at The Business and Industry Association of New Hampshire and the Greater Manchester Chamber of Commerce, Manchester, New Hampshire, September 3, 2008
Speech , Paper 16


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