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Financial Intermediation |
| Economists in the Financial Intermediation Function conduct research and policy-oriented analysis on a wide range of issues relating to financial intermediation and financial markets, including the behavior and health of financial institutions, innovations in financial markets, and the development of appropriate supervisory tools and techniques. |
| New from Liberty Street Economics Blog |
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 Are Minorities Disproportionate Users of Payday Credit?
In this post, the authors look at whether black and Hispanic households are in fact more likely to use payday credit. We find that, unconditionally, they are, but once we control for financial characteristics—such as past delinquency, debt-to-income ratios, and credit availability, blacks and Hispanics are not significantly more likely than whites to use payday credit.
By Donald P. Morgan and Kevin J. Pan |
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Banking Research Datasets
The Federal Reserve Bank of New York would like to announce the publication of a historical mapping between CRSP PERMCO (R) and the regulatory entity code for banks and bank holding companies. This data set is available for download free of charge for public use. In lieu of using this link, researchers are typically forced to hand-match market data to regulatory data on the basis of institution name. Unfortunately, this process is time-consuming and mistake-prone. This data set is provided as a public service in order to reduce the time costs of using market data in banking research and to make it easier for researchers to replicate existing research. |
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| Recent Articles |
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Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
In this paper, we examine how foreign banks pulled significant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheets of U.S. branches of foreign banks had sizable effects on their lending. By Nicola Cetorelli and Linda Goldberg, Staff Reports 545, February 2012 |
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Corporate Governance of Financial Institutions
In this paper, we identify the tension between dueling expectations of financial institutions as value maximizing entities that also serve the public interest. By Hamid Mehran and Lindsay Mollineaux, Staff Reports 539, January 2012 |
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Dodd-Frank One Year On: Implications for Shadow Banking
In this paper, the author discusses some aspects of proposed DFA rules in light of shadow banking. The topics are risk-retention rules for securitized products and the impact of capital reforms on asset-backed commercial paper (ABCP) conduits. While the reform of securitization is resulting primarily from DFA, changes in accounting standards, together with the Basel capital reforms, have had important impacts on the economics of ABCP conduits. By Tobias Adrian, Staff Reports 533, December 2011 |
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Financial Intermediary Balance Sheet Management
In this paper, we explore the empirical evidence for both market-based financial intermediaries such as the Wall Street investment banks, as well as the commercial bank subsidiaries of the large U.S. bank holding companies. We further explore the aggregate consequences of such behavior by the banking sector for the propagation of the financial cycle and securitization. By Tobias Adrian and Hyun Song Shin, Staff Reports 532, December 2011 |
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Repo and Securities Lending
In this paper, we provide an overview of the data requirements necessary to monitor repurchase agreements (repos) and securities lending markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. By Tobias Adrian, Brian Begalle, Adam Copeland, and Antoine Martin, Staff Reports 529, December 2011 |
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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09
In this paper, we review both aggregate and micro-level data and highlight the shift in the composition of credit between loans and bonds. Motivated by the evidence, we formulate a model of direct and intermediated credit that captures the key stylized facts. By Tobias Adrian, Paolo Colla, and Hyun Song Shin, Staff Reports 528, December 2011 |
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