ASHCRAFT, ADAM; BECH, MORTEN L.; FRAME, W. SCOTT - In: Journal of Money, Credit and Banking 42 (2010) 4, pp. 551-583
The Federal Home Loan Bank (FHLB) System is a large cooperatively owned government-sponsored liquidity facility that lends predominately to U.S. depository institutions. This paper documents the significant role played by the FHLB System at the outset of the recent financial crisis and provides...