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Working Paper
Substitution between net and gross settlement systems: A concern for financial stability?
Craig, Ben R.; Fecht, Falko (2011)
While net settlement systems make more efficient use of liquidity than gross settlement systems, they are known to generate systemic risk. What does that tendency imply for the stability of the payments (or financial) system when the two settlement systems coexist? Do liquidity shortages induce banks to settle more transactions in the net settlement system, thereby increasing systemic risk? Or do banks require their counterparties to send payments through the gross settlement system when default risks are high, increasing the need for liquidity and the money market rate but reducing overall ...
Working Papers (Old Series) , Paper 1132

Speech
Financial market turmoil: the Federal Reserve and the challenges ahead
Dudley, William (2009)
Remarks at the Council on Foreign Relations Corporate Conference 2009, New York City.
Speech , Paper 14

Speech
Liquidity and systemic risk.
Rosengren, Eric S. (2008)
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Federal Reserve Bank of Richmond's 2008 Credit Markets Symposium, The Changing Business of Banking, Charlotte, North Carolina, April 18, 2008
Speech , Paper 12

Working Paper
Who said large banks don't experience scale economies? Evidence from a risk-return-driven cost function
Mester, Loretta J.; Hughes, Joseph P. (2011)
Earlier studies found little evidence of scale economies at large banks; later studies using data from the 1990s uncovered such evidence, providing a rationale for very large banks seen worldwide. Using more recent data, the authors estimate scale economies using two production models. The standard risk-neutral model finds little evidence of scale economies. The model using more general risk preferences and endogenous risk-taking finds large scale economies. The authors show that these economies are not driven by too-big-to-fail considerations. They evaluate the cost implications of breaking ...
Working Papers , Paper 11-27

Speech
Remarks at Panel Discussion on OTC Derivatives Reform and broader financial reforms agenda
Dudley, William (2013)
Remarks at the 2013 OTC Derivatives Conference, Paris, France.
Speech , Paper 113

Working Paper
Banking and financial crises in United States history: what guidance can history offer policymakers?
Wicker, Elmus R.; Tallman, Ellis W. (2010)
This paper assesses the validity of comparisons between the current financial crisis and past crises in the United States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant for comparison with the Panic of 2008. In 1873, overinvestment in railroad debt and the default of railroad companies on that debt led to the failure of numerous brokerage houses, precursor to the modern investment bank. During the Panic of 1907, panic-related deposit withdrawals centered on the less regulated trust companies, which had only indirect access ...
Working Papers (Old Series) , Paper 1009

Working Paper
SAFE: An early warning system for systemic banking risk
Oet, Mikhail V.; Wang, Jing; Eiben, Ryan; Gramlich, Dieter; Bianco, Timothy; Ong, Stephen J. (2011)
This paper builds on existing microprudential and macroprudential early warning systems (EWSs) to develop a new, hybrid class of models for systemic risk, incorporating the structural characteristics of the fi nancial system and a feedback amplification mechanism. The models explain fi nancial stress using both public and proprietary supervisory data from systemically important institutions, regressing institutional imbalances using an optimal lag method. The Systemic Assessment of Financial Environment (SAFE) EWS monitors microprudential information from the largest bank holding companies to ...
Working Papers (Old Series) , Paper 1129

Working Paper
The Shift from Active to Passive Investing : Potential Risks to Financial Stability?
Shin, Chae Hee; Osambela, Emilio; Kruttli, Mathias S.; Anadu, Kenechukwu E.; McCabe, Patrick E. (2018-08-28)
The past couple of decades have seen a significant shift in assets from active to passive investment strategies. We examine the potential effects of this shift for financial stability through four different channels: (1) effects on investment funds? liquidity transformation and redemption risks; (2) passive strategies that amplify market volatility; (3) increases in asset-management industry concentration; and (4) the effects on valuations, volatility, and comovement of assets that are included in indexes. Overall, the shift from active to passive investment strategies appears to be ...
Finance and Economics Discussion Series , Paper 2018-060

Speech
Title II resolution, a useful tool but not a panacea
Dudley, William (2013)
Remarks at 2013 Resolution Conference: Planning for the Orderly Resolution of a Global Systemically Important Bank, Washington, D.C.
Speech , Paper 121

Speech
Testimony on housing finance reform: essential elements of a government guarantee for mortgage-backed securities
Tracy, Joseph (2013)
Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.
Speech , Paper 122

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