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Conference Paper
Structured finance: uses (and abuses) of special purpose entities

Proceedings , Paper 872

Conference Paper
How should public infrastructure be financed?

Conference Series ; [Proceedings] , Volume 34 , Pages 223-245

Journal Article
New pathways to scale for community development finance

The Economic Opportunities Program (EOP) of the Aspen Institute advances strategies (primarily in the areas of workforce development, microenterprise, community-based forestry, and access to capital and credit) that connect the poor and underemployed to the mainstream economy. The EOP facilitates participatory learning among practitioners using applied research to stimulate dialogue and action among funders, policymakers, nonprofit, and community leaders. This paper is one in a series focusing on issues of scale and sustainability in the not-for-profit and community development field. For ...
Profitwise , Issue Dec , Pages 2-24

COVID-19 Exposes Mortgage Market Vulnerabilities that Led to Volatility, Fed Intervention

The COVID-19-induced financial market shock in March 2020 significantly disrupted the market for agency mortgage-backed securities.
Dallas Fed Economics

Working Paper
Financial contracting and the choice between private placement and publicly offered bonds

Private placement bonds have unique financial contracting in controlling borrower-lender agency conflicts due to direct monitoring and the relative ease of future renegotiation. Our data show that private placements are more likely to have restrictive covenants and are more likely to be issued by smaller and riskier borrowers. We find the determinants of bond yield spreads to be quite different between private placements and public issues, reflecting the different institutional arrangements between the two markets. Finally, in issuing bonds, we find that firms self-select the bond type to ...
Working Paper Series , Paper 2004-20

Working Paper
Can feedback from the jumbo-CD market improve bank surveillance?

We examine the value of jumbo certificate-of-deposit (CD) signals in bank surveillance. To do so, we first construct proxies for default premiums and deposit runoffs and then rank banks based on these risk proxies. Next, we rank banks based on the output of a logit model typical of the econometric models used in off-site surveillance. Finally, we compare jumbo-CD rankings and surveillance-model rankings as tools for predicting financial distress. Our comparisons include eight out-of-sample test windows during the 1990s. We find that rankings obtained from jumbo-CD data would not have improved ...
Working Papers , Paper 2003-041

Working Paper
A deposit insurance system for Armenia

This paper provides an overview of the design for a system of official deposit guarantees for the Republic of Armenia. This proposed design takes into consideration the overall structure of the Armenian economy, its official institutions, and its financial system. Furthermore, we outline specific design features for the Armenian deposit insurance system that are consistent with the social welfare objectives that underpin arguments for its adoption, while minimizing the guarantees' distortion of incentives. Key among the design features are limited coverage of deposits, separation of deposit ...
Working Papers (Old Series) , Paper 0306

Working Paper
Year-end seasonality in one-month LIBOR derivatives

We examine the markets for one-month LIBOR futures contracts and options on those futures for a year-end price effect consistent with the previously identified year-end rate increase in one-month LIBOR. The cash market rate increase appears in forward rates and derivative prices, which allows the derivatives to properly hedge year-end interest rate risk. However, while the year-end effect appears in the derivative contract, these derivative contracts provide biased forecasts of both future interest rates and their volatility. The bias appears to be different at year's end for the LIBOR ...
Working Papers , Paper 2003-040

Journal Article
International risk-based capital standard: history and explanation

In December the Board of Governors of the Federal Reserve System adopted final guidelines for the new Risk-Based Capital Standard. This article traces the evolution of the new standard, discusses how capital measures of the United States will change, and indicates how Fifth District banking organizations may fare under the new standard.
Economic Review , Volume 74 , Issue Nov , Pages 28-34

Journal Article
New facts in finance

In the last 15 years, the cherished "random walk" view that stock returns are unpredictable, the "CAPM" view the market is the only benchmark and market exposure the only source of returns, and the "expectations hypothesis" relating interest rates of various maturities and countries have all been abandoned. This article surveys this revolution in finance, explaining and integrating the new view of the facts.
Economic Perspectives , Volume 23 , Issue Q III , Pages 36-58


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