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Keywords:financial crisis 

Speech
Discussion on the Current Economy

Remarks by Charles L. Evans, President and Chief Executive, Officer, Federal Reserve Bank of Chicago Economic Club of Indiana Indianapolis, Ind.
Speech , Paper 22

Working Paper
The International Transmission of Shocks: Foreign Bank Branches in Hong Kong during Crises

The international transmission of shocks in the global financial system has always been an important issue for policy makers. Different types of foreign shocks have different effects and policy implications. In this paper, we examine the effects of the recent U.S. financial crisis and the European sovereign debt crisis on foreign bank branches in Hong Kong. Unlike the literature on global banking that studies a global bank?s foreign operations from a home country perspective, our analysis uses foreign bank branches in Hong Kong and has a distinct host country perspective, which would seem ...
Working Paper Series , Paper 2014-25

Journal Article
Stability of funding models: an analytical framework

With the recent financial crisis, many financial intermediaries experienced strains created by declining asset values and a loss of funding sources. In reviewing these stress events, one notices that some arrangements appear to have been more stable?that is, better able to withstand shocks to their asset values and/or funding sources?than others. Because the precise determinants of this stability are not well understood, gaining a better grasp of them is a critical task for market participants and policymakers as they try to design more resilient arrangements and improve financial regulation. ...
Economic Policy Review , Issue Feb , Pages 29-47

Working Paper
Agency Conflicts in Residential Mortgage Securitization: What Does the Empirical Literature Tell Us?

The agency conflicts inherent in securitization are viewed by many as having been a key contributor to the recent financial crisis, despite the presence of various legal and economic constructs to mitigate them. A review of recent empirical research for the U.S. home mortgage market suggests that securitization itself may not have been a problem, but rather the origination and distribution of observably riskier loans. Low-documentation mortgages, for which asymmetric information problems are acute, performed especially poorly during the crisis. Securitized low-documentation mortgages ...
FRB Atlanta Working Paper , Paper 2017-1

Discussion Paper
Did Trade Finance Contribute to the Global Trade Collapse?

The financial crisis of 2008-09 brought about one of the largest collapses in world trade since the end of World War II. Between the first quarter of 2008 and the first quarter of 2009, the value of real global GDP fell 4.6 percent while exports plummeted 17 percent, as can be seen in the chart below. The dramatic decline in world trade—a loss of $761 billion in nominal exports—came through two channels: decreased demand for imports and supply effects, most likely arising from financial constraints. In this post, we look at evidence that supply effects, including curtailed funding for ...
Liberty Street Economics , Paper 20110629

Journal Article
The U.S. Financial Landscape on the Eve of the Pandemic

During the 2007-08 financial crisis, the Federal Reserve stepped in to prevent a possible panic. How did this affect the U.S. financial system in later years?
The Regional Economist , Volume 28 , Issue 3

Discussion Paper
What Makes a Bank Stable? A Framework for Analysis

One of the major roles of banks and other financial intermediaries is to channel funds from savings into valuable projects. In doing so, banks engage in ?liquidity and maturity transformation,? since they finance long-term, illiquid projects while funding themselves with short-term, liquid liabilities. By performing this important role, banks expose themselves to the risk of runs: If depositors or other short-term creditors worry about their claims, they may withdraw funds en masse and cause the bank to fail. The recent financial crisis once again highlighted the fragility associated with ...
Liberty Street Economics , Paper 20140224

Journal Article
Bubbles and Fools

This article reviews the literature on greater-fool theories of bubbles, which argue that bubbles can arise if traders are willing to buy assets they know to be overvalued because they hope to later sell them at a profit to others. The author discusses two approaches that attempt to model this phenomenon and what these approaches imply for economic policy.
Economic Perspectives , Issue Q II

Working Paper
The Effects of the Saving and Banking Glut on the U.S. Economy

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period.
Working Paper Series , Paper WP-2013-17

Report
Credit supply disruptions: from credit crunches to financial crisis

Events that transpired during the recent financial crisis highlight the important role that financial intermediaries still play in the economy, especially during economic downturns. While the breadth and severity of the financial crisis took most observers by surprise, it has renewed academic interest in understanding the effects on the real economy of both financial shocks and the changing nature of financial intermediation. This interest in the real effects of financial shocks highlights a literature that began more than 20 years ago associated with the bank credit crunch of the early ...
Current Policy Perspectives , Paper 15-5

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