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Journal Article
Bank consolidation and merger activity following the crisis.
Kowalik, Michal; Regehr, Kristen; Morris, Charles S.; Davig, Troy A. (2015-01)
Michal Kowalik, Troy Davig, Charles S. Morris, and Kristen Regehr analyze the financial characteristics of acquired community banks from 2011 to 2014.
Economic Review , Issue Q I , Pages 31-49

Discussion Paper
Introducing a Series on the Evolution of Banks and Financial Intermediation
Cetorelli, Nicola (2012-07-16)
It used to be simple: Asked how to describe financial intermediation, you would just mention the word “bank.” Then things got complicated. As a result of innovation and legal and regulatory changes, financial intermediation has evolved in a way that invites us to question whether it revolves around banks anymore. The centerpiece of modern intermediation is the advent and growth of asset securitization: loans do not need to reside on the originator’s balance sheet until maturity any longer, but they can instead be packaged into securities and sold to investors. With securitization, ...
Liberty Street Economics , Paper 20120716

Working Paper
The Information Content of Stress Test Announcements
Modugno, Michele; Guerrieri, Luca (2021-02-24)
We exploit institutional features of the U.S. banking stress tests to disentangle different types of information garnered by market participants when the stress test results are released. By examining the reaction of different asset prices, we find evidence that market participants value the stress test announcements not only for the information on possible future capital distributions but also for the signals about bank resilience. These results back the use of stress tests by central banks to inform the broader public about the soundness of the banking system.
Finance and Economics Discussion Series , Paper 2021-012

Briefing
Understanding the Surge in Commercial Real Estate Lending
Muething, Catherine; Fessenden, Helen (2017-08)
U.S. banks have increased their commercial real estate (CRE) lending significantly in the past five years. Economists and regulators note that some positive factors are driving this trend, but they also see potential risks. Analysts at the Richmond Fed have found that some banks could be especially vulnerable if economic conditions deteriorate. These include institutions that are in certain major urban areas and have high concentrations of CRE loans, rapid CRE loan growth, and heavy reliance on "noncore" (or illiquid) funding. But the analysts also conclude that, overall, banks' CRE exposures ...
Richmond Fed Economic Brief , Issue August

Journal Article
National Preferences for Bank or Market Financing
Goodell, John; Aggarwal, Raj (2016-05)
This article examines the reasons some countries favor bank-based financial systems and others favor markets-based financial systems. We show that when societies are more accepting of ambiguity?and by extension are more trusting?market financing is favored over relationship-based collateral financing by banks.
Economic Commentary , Issue May

Working Paper
Un-Networking: The Evolution of Networks in the Federal Funds Market
Beltran, Daniel O.; Bolotnyy, Valentin; Klee, Elizabeth C. (2015-07-16)
Using a network approach to characterize the evolution of the federal funds market during the Great Recession and financial crisis of 2007-2008, we document that many small federal funds lenders began reducing their lending to larger institutions in the core of the network starting in mid-2007. But an abrupt change occurred in the fall of 2008, when small lenders left the federal funds market en masse and those that remained lent smaller amounts, less frequently. We then test whether changes in lending patterns within key components of the network were associated with increases in ...
Finance and Economics Discussion Series , Paper 2015-55

Journal Article
Merger Control in the Banking Sector
Siedlarek, Jan-Peter (2017-08)
This Commentary discusses the implications of merger control policy on merger activity in the banking sector, drawing on an analysis of the European banking sector during a period in which stricter merger policies were being introduced. It identifies several changes to the bank mergers taking place after the introduction of the stricter policies that are consistent with higher expected returns for shareholders and more procompetitive transactions. The evidence suggests that the new merger policy was successful in preventing mergers that are excessively anticompetitive, while it also led to ...
Economic Commentary , Issue August

Working Paper
Financial Business Cycles
Iacoviello, Matteo (2014-08-28)
Using Bayesian methods, I estimate a DSGE model where a recession is initiated by losses suffered by banks and exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a redistribution shock: a small sector of the economy -- borrowers who use their home as collateral -- defaults on their loans. When banks hold little equity in excess of regulatory requirements, the losses require them to react immediately, either by recapitalizing or by deleveraging. By deleveraging, banks transform the initial shock into a credit crunch, and, ...
International Finance Discussion Papers , Paper 1116

Journal Article
Shopping for Bank regulators : Banks in the United States have long had choices between state and federal banking authorities
Mullin, John (2019-10)
Econ Focus , Issue 4Q , Pages 4-7

Journal Article
Has the Relationship between Bank Size and Profitability Changed?
Regehr, Kristin; Sengupta, Rajdeep (2016-04)
Kristen Regehr and Rajdeep Sengupta explore whether the relationship between bank size and profitability changed after the 2007?09 financial crisis.
Economic Review , Issue Q II , Pages 49-72

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