Asset bubbles and the implications for central bank policy
Remarks at The Economic Club of New York, New York City.
The U.S. economic situation and regulatory reform
Delivered at A Day with the Commissioner, Nashville, TN, 12 May 2010
Regulatory reform: lessons from the front line, 19th Annual Hyman P. Minsky Conference on the State of the U. S. and World Economies Organized by the Levy Economic Institute of Bard College, New York, New York, April 14, 2010
In a speech at the Minsky Conference on the State of the U.S. and World Economies, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed consolidated supervision, an important, but sometimes overlooked, aspect of regulatory reform. She also described the criteria that she thinks should be used to define systemically important institutions and discussed a framework for ensuring financial firms are effectively supervised based on the risk they pose to the financial system. She concluded with an explanation of why it is vitally important for the Federal Reserve to remain ...
Linkages between monetary and regulatory policy: lessons from the crisis
Presentation to The Institute of Regulation & Risk, North Asia, Hong Kong, November 17, 2009
A U.S. perspective on strengthening financial stability
Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, to the Financial Stability Institute, Bank for International Settlements, St. Petersburg, Russia, May 24, 2011
Challenges facing the U.S. economy and financial system
Remarks at the Economic Club of New York, New York City.
Reforming the over-the-counter derivatives market: what’s to be gained?
While derivative financial instruments have made the hedging and exchange of risk more efficient, the recent crisis showed that they also pose a substantial threat to financial stability in times of systemic turmoil. Underlying much of this threat is the lack of transparent reporting in the over-the-counter market for these instruments. This Commentary discusses the advantages of one solution to the transparency proble: moving the settlement or trading of derivatives to exchanges or clearinghouses.
Shadow banking: a review of the literature
We provide an overview of the rapidly evolving literature on shadow credit intermediation. 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. Much of shadow banking activities is intertwined with the operations of core regulated institutions such as bank holding companies and insurance companies, thus creating a source of systemic ...