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Working Paper
Liquidity and reserve requirements in Brazil
Robitaille, Patrice (2011)
The international reform initiative that followed the global financial crisis of 2008-09 has resulted in the introduction of liquidity requirements for banks. Under one requirement, the Liquidity Coverage Ratio (LCR), banks will need to hold enough highly liquid assets to survive for a month in a stress scenario. Banks' required reserve balances can be used to fulfill this liquidity requirement and this may be seen as an attractive option for emerging market economies, where financial sectors are often underdeveloped. In this paper, I examine the Brazilian experience prior to and during the ...
International Finance Discussion Papers , Paper 1021

Report
Supply- and demand-side factors in global banking
McGuire, Patrick M.; Amiti, Mary; Weinstein, David E. (2017-06-01)
What is the role of supply and demand forces in determining movements in international banking flows? Answering this question is crucial for understanding the international transmission of financial shocks and formulating policy. This paper addresses the question by using the method developed in Amiti and Weinstein (forthcoming) to exactly decompose the growth in international bank credit into common shocks, idiosyncratic supply shocks, and idiosyncratic demand shocks for the 2000-16 period. A striking feature of the global banking flows data can be characterized by what we term the ?Anna ...
Staff Reports , Paper 818

Working Paper
Export shocks and the zero bound trap
Fujiwara, Ippei (2010)
When a small open economy experiences a sufficiently large negative export shock, it is vulnerable to falling into a zero bound trap. In addition, such a shock can have very large impact on the economy compared to the case when the zero bound is not a binding constraint. This could be one possible explanation as to why a country like Japan experienced much larger drop in output than the United States during the recent financial crisis.
Globalization Institute Working Papers , Paper 63

Working Paper
How committed are bank lines of credit? Experiences in the subprime mortgage crisis
Huang, Rocco (2010)
Using the subprime mortgage crisis as a shock, this paper shows that commercial borrowers served by more distressed banks (as measured by recent bank stock returns or the nonperforming loan ratio) took down fewer funds from precommitted, formal lines of credit. The credit constraints affected mainly smaller, riskier (by internal loan ratings), and shorter-relationship borrowers, and depended also on the lenders' size, liquidity condition, capitalization position, and core deposit funding. The evidence suggests that credit lines provided only contingent and partial insurance during the crisis ...
Working Papers , Paper 10-25

Working Paper
A quantitative analysis of the U.S. housing and mortgage markets and the foreclosure crisis
Eyigungor, Burcu; Chatterjee, Satyajit (2011)
The authors construct a quantitative equilibrium model of the housing sector that accounts for the homeownership rate, the average foreclosure rate, and the distribution of home-equity ratios across homeowners prior to the recent boom and bust in the housing market. They analyze the key mechanisms that account for these facts, including the preferential tax treatment of housing and in ation. The authors then use the model to gain a deeper understanding of the recent housing and mortgage crisis by studying the consequence of an unanticipated increase in the supply of housing (overbuilding ...
Working Papers , Paper 11-26

Speech
Where we go from here : the crisis and beyond (with reference to P.G. Wodehouse, John Kenneth Galbraith, Alan Greenspan and an unnamed Eller College student)
Fisher, Richard W. (2010)
Remarks before the Eller College of Management, University of Arizona, Tucson, Arizona, March 30, 2010 ; "Generally, the data indicate that we will move down the field this year at about a 3 percent clip. It is less than we had grown accustomed to in the heyday before the crisis, and it may not result in as rapid a reduction in unemployment as we would like."
Speeches and Essays , Paper 44

Speech
Economic outlook : a speech at the Delaware State Chamber of Commerce, DuPont Country Club, Wilmington, Delaware, May 7, 2010
Plosser, Charles I. (2010-05-07)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> Delaware State Chamber of Commerce, DuPont Country Club, Wilmington, Delaware, May 7, 2010
Speech , Paper 39

Working Paper
Financial statistics for the United States and the crisis: what did they get right, what did they miss, and how should they change?
Palumbo, Michael G.; Kohn, Donald L.; Eichner, Matthew J. (2010)
Although the instruments and transactions most closely associated with the financial crisis of 2008 and 2009 were novel, the underlying themes that played out in the crisis were familiar from previous episodes: Competitive dynamics resulted in excessive leverage and risk-taking by large, interconnected firms, in heavy reliance on short-term sources of funding to finance long-term and ultimately terribly illiquid positions, and in common exposures being shared by many major financial institutions. Understandably, in the wake of the crisis, financial supervisors and policymakers want to obtain ...
Finance and Economics Discussion Series , Paper 2010-20

Working Paper
The great trade collapse of 2008-2009: an inventory adjustment?
Midrigan, Virgiliu; Kaboski, Joseph P.; Alessandria, George (2010)
This paper examines the role of inventories in the decline of production, trade, and expenditures in the US in the economic crisis of late 2008 and 2009. Empirically, the authors show that international trade declined more drastically than trade-weighted production or absorption and there was a sizeable inventory adjustment. This is most clearly evident for autos, the industry with the largest drop in trade. However, relative to the magnitude of the US downturn, these movements in trade are quite typical. The authors develop a two-country general equilibrium model with endogenous inventory ...
Working Papers , Paper 10-18

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