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Keywords:regulations 

Speech
The first line of defense and financial crime: keynote Address at the 1LoD Summit, New York City

Keynote Address at the 1LoD Summit, New York City.
Speech , Paper 313

Discussion Paper
Credit Market Choice

Credit default swaps (CDS) are frequently credited with being the cause of AIG?s collapse during the financial crisis. A Reuters article from September 2008, for example, notes ?[w]hen you hear that the collapse of AIG [?] might lead to a systemic collapse of the global financial system, the feared culprit is, largely, that once-obscure [?] instrument known as a credit default swap.? Yet, despite the prominent role that CDS played during the financial crisis, little is known about how individual financial institutions utilize CDS contracts on individual companies. In a recent New York Fed ...
Liberty Street Economics , Paper 20181017

Journal Article
Over-the-counter swaps – before and after reform

Now that the main elements of the new regulations can be described, let?s see how a simplified trade would be typically carried out by a fictional set of institutions both before and after the reform.3 First Bank is a large dealer bank that buys and sells securities and derivatives. High Yield (HY) is a mutual fund that has a large portfolio of junk bonds. HY wants to hedge against the risk of a downturn in the junk bond market.
Banking Policy Review , Issue Q4 , Pages 1-5

Working Paper
Does Price Regulation Affect Competition? Evidence from Credit Card Solicitations

We study the unintended consequences of consumer financial regulations, focusing on the CARD Act, which restricts consumer credit card issuers? ability to raise interest rates. We estimate the competitive responsiveness-the degree to which a credit card issuer changes offered interest rates in response to changes in interest rates offered by its competitors-as a measure of competition in the credit card market. Using small business card offers, which are not subject to the Act, as a control group, we find a significant decline in the competitive responsiveness after the Act. The decline in ...
Finance and Economics Discussion Series , Paper 2019-018

Journal Article
How Dodd–Frank affects small bank costs

Do stricter regulations enacted since the financial crisis pose a significant burden?
Banking Trends , Issue Q1 , Pages 1-6

Speech
2019 Community Banking in the 21st Century Research and Policy Conference

Philadelphia Fed President Patrick Harker discussed the importance of community banks and issues they face, including technological change, demographic pressures, and regulatory burden during a keynote speech at the Community Banking in the 21st Century Research and Policy Conference in St. Louis.
Speech , Paper 172

Working Paper
Macroeconomic Effects of China's Financial Policies

The Chinese economy has undergone three major phases: the 1978?97 period marked as the SOE-led economy, the 1998?2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the government financial policies, defined as a set of credit policy, monetary policy, and regulatory policy. We analyze the macroeconomic effects of these financial policies throughout the three phases and provide the stylized facts to substantiate our analysis. The stylized facts differ qualitatively across different phases or economies. We argue that the ...
FRB Atlanta Working Paper , Paper 2018-12

Working Paper
Comparison of Small Bank Failures and FDIC Losses in the 1986–92 and 2007–13 Banking Crises

Failure rates of small commercial banks during the banking crisis of the late 1980s were about 7.6%, which is significantly higher than the 5.7% failure rate during the recent crisis. The higher rate is surprising because small banks had significantly increased their commercial real estate (CRE) lending by the second crisis, which is riskier than other types of lending, and economic shocks were more severe in the recent crisis. We compare failure rates in the two periods using a statistical model that allows us to decompose the effect of changes in bank characteristics and economic shocks on ...
Working Papers (Old Series) , Paper 1719

Journal Article
Banking trends: how Dodd–Frank affects small bank costs

Do stricter regulations enacted since the financial crisis pose a significant burden?
Economic Insights , Volume 1 , Issue 1 , Pages 14-18

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