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Newsletter
How Interconnected Are Cryptocurrencies and What Does This Mean for Risk Management
In the past couple of years, the market for digital currencies, commonly known as cryptocurrencies because transactions are verified using cryptography, has expanded significantly in terms of transaction volumes, market capitalization, and the number of digital currencies in existence. On January 1, 2018, the market capitalizations (market caps1) of Bitcoin and Ethereum were $226 billion and $75 billion, respectively. By May 10, 2021, Bitcoin’s market cap had reached almost $1 trillion and Ethereum’s $478 billion.In this article, I measure the market’s interconnections in term of prices ...
Working Paper
What Are the Financial Systemic Implications of Access and Non-Access to Federal Reserve Deposit Accounts for Central Counterparties?
In this working paper, I examine the interconnections between designated derivatives central counterparties (CCPs) with Federal Reserve deposit accounts and non-designated CCPs and the potential financial stability implications. This working paper notes the interconnections between the non-designated and designated derivatives CCPs through their clearing members and the commercial custodial banks they utilize to hold and transfer collateral. The paper then identifies additional potential contagion risks and financial stability risks, including liquidity risk, market risk, concentration risk, ...
Journal Article
RHOPI perspectives: the Federal Reserve Bank of Chicago
The Chicago Fed and the Federal Reserve System have a longstanding interest in the causes and ramifications on unstable housing markets and high foreclosure rates, The Federal Reserve System helped to establish what is now known as NeighborWorks America, the umbrella organization for national nonprofit housing enterprise with 250 offices of which Neighborhood Housing Services of Chicago (NHS) is an affiliate, one that is nationally recognized for its work in revitalizing neighborhoods, and more recently, stemming foreclosures. A member of the Federal Reserve Board of Governors, currently ...