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Fuster, Andreas; Plosser, Matthew; Vickery, James - 2018

We study the effects of regulatory oversight by the Consumer Financial Protection Bureau (CFPB) on credit supply as …

Persistent link: https://www.econbiz.de/10012144700

The Federal Home Loan Bank System: The lender of next-to-last resort?

Ashcraft, Adam B.; Bech, Morten L.; Frame, W. Scott - 2008

The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. In this paper, we document the significant role played by the FHLB...

Persistent link: https://www.econbiz.de/10010283557

Market liquidity after the financial crisis

Adrian, Tobias; Fleming, Michael; Vogt, Erik - 2016

This paper examines market liquidity in the post-crisis era, in light of concerns that regulatory changes might have reduced banks' ability and willingness to make markets. We begin with a discussion of the broader trading environment, including a discussion of regulations and their potential...

Persistent link: https://www.econbiz.de/10011796439

Regulatory changes and the cost of capital for banks

Kovner, Anna; Van Tassel, Peter - 2018

We estimate the cost of capital for the banking industry and find that while the cost of capital soared for banks in the financial crisis, after the passage of the Dodd-Frank Act, the value-weighted cost of capital for banks fell differentially more than did the cost of capital for nonbanks. The...

Persistent link: https://www.econbiz.de/10012144697

Is size everything?

Antill, Samuel; Sarkar, Asani - 2018

We examine sources of systemic risk (threshold size, complexity, and interconnectedness) with factors constructed from equity returns of large financial firms, after accounting for standard risk factors. From the factor loadings and factor returns, we estimate the implicit government subsidy for...

Persistent link: https://www.econbiz.de/10012144707

Stigma in financial market: Evidence from liquidity auctions and discount window borrowing during the crisis

Armantier, Olivier; Ghysels, Eric; Sarkar, Asani; … - 2011

We provide empirical evidence for the existence, magnitude, and economic impact of stigma associated with banks borrowing from the Federal Reserve's discount window facility. We find that, during the height of the financial crisis, banks were willing to pay an average premium of at least 37...

Persistent link: https://www.econbiz.de/10010287025

Hedge funds, financial intermediation, and systemic risk

Kambhu, John; Schuermann, Til; Stiroh, Kevin J. - 2007

consequences has been the set of counterparty credit risk management (CCRM) practices by the core of regulated institutions. The …

Persistent link: https://www.econbiz.de/10010283433

How much do bank shocks affect investment? Evidence from matched bank-firm loan data

Amiti, Mary; Weinstein, David E. - 2013

developing a new methodology to separate firms' credit shocks from loan supply shocks, using a vast sample of matched bank … bank loan supply net of borrower characteristics and general credit conditions - can have large impacts on aggregate loan …

Persistent link: https://www.econbiz.de/10010333636

Credit derivatives and bank credit supply

Hirtle, Beverly - 2007

Credit derivatives are the latest in a series of innovations that have had a significant impact on credit markets …. Using a micro data set of individual corporate loans, this paper explores whether use of credit derivatives is associated … with an increase in bank credit supply. We find evidence that greater use of credit derivatives is associated with greater …

Persistent link: https://www.econbiz.de/10010283448

Fire-sale spillovers and systemic risk

Duarte, Fernando; Eisenbach, Thomas M. - 2013

We construct a new systemic risk measure that quantifies vulnerability to fire-sale spillovers using detailed regulatory balance sheet data for U.S. commercial banks and repo market data for broker-dealers. Even for moderate shocks in normal times, fire-sale externalities can be substantial. For...

Persistent link: https://www.econbiz.de/10010333593