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Conference Paper
Getting the most out of mandatory subordinated debt requirement
Working Paper
The importance of check-cashing businesses to the unbanked: racial/ethnic differences
The roughly 9.5 percent of all U.S. families that are without some type of transaction account (unbanked) are disproportionately represented by minorities. The unbanked often must rely on alternative ways to carry out basic financial transactions such as cashing payroll checks and paying bills. This study analyzes unique survey data and finds that a consumer's decision to patronize check-cashing businesses is jointly made with the decision to be unbanked. For the unbanked, these businesses are an important source for financial services. Attributes that contribute to these decisions, however, ...
Journal Article
Debt maturity: What do economists say? What do CFOs say?
Mitchell Berlin discusses recent theories of how firms choose their debt maturity. Some of these theories are very useful for explaining how chief financial officers (CFOs) choose the maturity of their firms? debt. However, CFOs seem to believe that they can predict future interest rates and time their borrowings accordingly, and this behavior fundamentally conflicts with most economic theories.
Journal Article
Commentary on \\"A reconsideration of the risk sensitivity of U.S. banking organization subordinated debt spreads: a sample selection approach\\"
This paper was part of the conference "Beyond Pillar 3 in International Banking Regulation: Disclosure and Market Discipline of Financial Firms," cosponsored by the Federal Reserve Bank of New York and the Jerome A. Chazen Institute of International Business at Columbia Business School, October 2-3, 2003.
Working Paper
Optimal public debt structure
Journal Article
Treasury prospects
Speech
Thoughts on Bastiat (with a nod to Keynes!)
Remarks at the Bastiat?Hoiles Prize Dinner, New York City, NY, November 12, 2011 ; "As Bastiat wrote in the aftermath of the French Revolution of 1848, we are at risk of becoming a nation where 'the state is responsible for providing a living for everyone.' The reality is that even if this were desirable, which it is not, pliant fiscal authorities?Republican and Democrat?who have led us down this road for decades find themselves in a financial cul de sac; they have run out of enabling money."
Journal Article
Choosing a Credit Counseling Agency
Consumers can go online to get advice about choosing the right agency.
Journal Article
Notes from the field: interview with CCCS of Greater Dallas
In an interview with the Federal Reserve Bank of Dallas, Todd Mark, vice president of education at Consumer Credit Counseling Service (CCCS) of Greater Dallas, discusses the biggest issues clients are facing.
Working Paper
The choice between arm's-length and relationship debt: evidence from e-loans
Using a unique sample of comparable online and in-person loan transactions, we study the determinants of arm's-length and inside lending focusing on the differential information content across debt types. We find that soft private information primarily underlies relationship lending whereas hard public information drives arm's-length debt. The bank's relative reliance on public or private information in lending decisions then determines trade-offs between the availability and pricing of credit across loan types. Consistent with economic theory, relationship debt leads to informational capture ...