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Keywords:Systemic risk 

From Bagehot to Bernanke and Draghi: emergency liquidity, macroprudential supervision and the rediscovery of the lender of last resort function

Remarks at the Committee on International Monetary Law of the International Law Association Meeting, Madrid, Spain.
Speech , Paper 114

The Federal Reserve Bank of New York's involvement with AIG

Joint written testimony before the Congressional Oversight Panel, Washington, D.C.
Speech , Paper 24

Remarks at Panel Discussion on OTC Derivatives Reform and broader financial reforms agenda

Remarks at the 2013 OTC Derivatives Conference, Paris, France.
Speech , Paper 113

Resolving the unresolvable: the alternative pathways to ending too big to fail

Remarks at the International Insolvency Institute 13th Annual Conference, Columbia University Law School, New York City.
Speech , Paper 107

Solving the too big to fail problem

Remarks at the Clearing House's Second Annual Business Meeting and Conference, New York City.
Speech , Paper 90

Reducing the systemic risk in shadow maturity transformation

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.
Speech , Paper 46

Risk governance: appetite, culture and the limits of limits

Remarks at the Risk USA 2012 Conference, New York City.
Speech , Paper 91

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

Policy perspectives on OTC derivatives market infrastructure

In the wake of the recent financial crisis, over-the-counter (OTC) derivatives have been blamed for increasing systemic risk. Although OTC derivatives were not a central cause of the crisis, the complexity and limited transparency of the market reinforced the potential for excessive risk-taking, as regulators did not have a clear view into how OTC derivatives were being used. We discuss how the New York Fed and other regulators could improve weaknesses in the OTC derivatives market through stronger oversight and better regulatory incentives for infrastructure improvements to reduce ...
Staff Reports , Paper 424

Robust capital regulation

Banks? leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance-sheet opacity and ease of asset substitution argue for less. Meanwhile, regulatory safety nets promote ex post financial stability, but also create perverse incentives for banks to engage in correlated asset choices and to hold little equity capital. As a way to cope with these distorted incentives, we outline a two-tier capital framework for banks. The first tier is a regular core capital requirement that helps deter excessive risk-taking incentives. The second tier, a novel ...
Staff Reports , Paper 490


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Rosengren, Eric S. 8 items

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