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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Weidenmier, Marc; Bernstein, Asaf; Hughson, Eric - National Bureau of Economic Research (NBER) - 2014
Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...
Persistent link: https://www.econbiz.de/10010969403
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Repo and Securities Lending
Martin, Antoine; Adrian, Tobias; Begalle, Brian; … - National Bureau of Economic Research (NBER) - 2012
We provide an overview of the data required to monitor repo and securities lending markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. We start by explaining the functioning of these markets and argue that it is crucial to understand the...
Persistent link: https://www.econbiz.de/10010969450
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012
1933 and its aftermath. Using a new database on Michigan banks, we employ probit and survival duration analysis to examine … that the loan program had no statistically significant effect on the failure rates of banks during the crisis; point … parallel analysis of the effects of RFC preferred stock assistance on the loan supply of surviving banks. We find that RFC …
Persistent link: https://www.econbiz.de/10010950800
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Defined Contribution Pension Plans: Sticky or Discerning Money?
Sialm, Clemens; Starks, Laura; Zhang, Hanjiang - National Bureau of Economic Research (NBER) - 2013
Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. Yet, the participants' inertia could be offset by the DC plan sponsors, who adjust the plan's...
Persistent link: https://www.econbiz.de/10010951220
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A Theory of Liquidity and Regulation of Financial Intermediation
Farhi, Emmanuel; Golosov, Mikhail; Tsyvinski, Aleh - National Bureau of Economic Research (NBER) - 2007
This paper studies a mechanism design model of financial intermediation. There are two informational frictions: agents receive unobservable shocks and can participate in markets by engaging in trades unobservable to intermediaries. Without regulations, intermediaries provide no risk sharing...
Persistent link: https://www.econbiz.de/10005025641
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A Transparency Standard for Derivatives
Acharya, Viral V. - National Bureau of Economic Research (NBER) - 2011
Derivatives exposures across large financial institutions often contribute to - if not necessarily create - systemic risk. Current reporting standards for derivatives exposures are nevertheless inadequate for assessing these systemic risk contributions. In this paper, I explain how a...
Persistent link: https://www.econbiz.de/10009359905
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Credit Default Swaps and the Credit Crisis
Stulz, René M. - National Bureau of Economic Research (NBER) - 2009
Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counterparty risk and that they...
Persistent link: https://www.econbiz.de/10008634652
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Self-Fulfilling Credit Market Freezes
Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010
which banks abstain from lending to operating firms with good projects because of their self-fulfilling expectations that … other banks will not be making such loans. Our model enables us to study the effectiveness of alternative measures for …, infusion of capital into banks, direct lending to operating firms by the government, and the provision of government capital or …
Persistent link: https://www.econbiz.de/10008635935
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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles; Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010
The Home Owners' Loan Corporation purchased more than a million delinquent mortgages from private lenders between 1933 and 1936 and refinanced the loans for the borrowers. Its primary goal was to break the cycle of foreclosure, forced property sales and decreases in home values that was...
Persistent link: https://www.econbiz.de/10008548780
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Markets and Housing Finance
Warnock, Veronica Cacdac; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2007
We examine the extent to which markets enable the provision of housing finance across a wide range of countries. Housing is a major purchase requiring long-term financing, and the factors that are associated with well functioning housing finance systems are those that enable the provision of...
Persistent link: https://www.econbiz.de/10005064838