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Keywords:Intermediation (Finance) 

Regulatory reform of the global financial system

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

Dollar asset markets: prospects after the crisis

Remarks at the ACI 2010 World Congress, Sydney, Australia.
Speech , Paper 19

Working Paper
Information costs, networks and intermediation in international trade

This paper is motivated by the observation that intermediaries play an important role in international trade. The matching role of intermediaries is examined in a pairwise matching model with two-sided information asymmetry, where intermediaries develop contacts. Intermediation expands the set of matching technologies available to traders, while convexity in network-building costs with respect to network size gives rise to both direct and indirect trade in equilibrium. The trade pattern depends on the relative responsiveness of the direct and indirect matching technologies to information ...
Globalization Institute Working Papers , Paper 76

Working Paper
Basel Accord and financial intermediation: the impact of policy

This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs? investment returns decline, and we study which type of policy could revigorate an economy in a trough. We find that active monetary policy increases loan volume even when the economy is in good shape; introducing active capital requirement policy can be effective as well if it implies tightening of regulation in bad times. This is performed with an heterogeneous agent economy with occupational choice, ...
Working Papers , Paper 2011-042

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 ...
Staff Reports , Paper 580

Journal Article
A closer look: assistance programs in the wake of the crisis

An unprecedented amount of aid was extended by the Treasury, Fed and FDIC to companies, agencies and individuals. This aid was necessary and, in many cases, will return a profit to taxpayers.
The Regional Economist , Issue Jan , Pages 4-10

The longer-term challenges ahead

Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.
Speech , Paper 18

Global financial intermediaries: lessons and continuing challenges

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Federal Reserve Bank of Boston's 56th economic conference, The Long-Term Effects of the Great Recession, Boston, Massachusetts, October 19, 2011
Speech , Paper 50

Working Paper
A theory of an intermediary with nonexclusive contracting

This paper addresses large markets where agents cannot commit to sign exclusive contracts may induce agents to promise the same asset to multiple counterparties and subsequently default. Is how that in such markets an intermediary can increase welfare by simply setting limits on the number of contracts that agents can report to it voluntarily. In some cases, these limits must be nonbinding in equilibrium, and reported trades must not be made public. The theory shows why an exchange may be valuable even when markets are liquid. It also suggests why in some cases a regulator should not reveal ...
Working Papers , Paper 05-12

Financial intermediaries, financial stability, and monetary policy

In a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are determinants of the cost of leverage and are found to be important in influencing the size of financial intermediary balance sheets. However, except for periods of crises, higher balance-sheet growth tends to be followed by lower interest rates, and slower balance-sheet growth is followed by higher ...
Staff Reports , Paper 346


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