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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.
Report
Macroprudential policy and the revolving door of risk: lessons from leveraged lending guidance
We investigate the U.S. experience with macroprudential policies by studying the interagency guidance on leveraged lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued important clarifications. It also triggered a migration of leveraged lending to nonbanks. While we do not find that nonbanks had more lax lending policies than banks, we unveil important evidence that nonbanks increased bank borrowing following the issuance of guidance, possibly to finance their growing leveraged lending. The guidance was effective at reducing ...
Working Paper
Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers
https://www.federalreserve.gov/econres/ifdp/credit-access-and-relational-contracts.htm