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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. |
| Features |
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| Provision and Pricing of Liquidity Insurance The inaugural International Journal of Central Banking (IJCB) spring conference, on the topic of Provision and Pricing of Liquidity Insurance, will be hosted by the Federal Reserve Bank of New York. The IJCB is initiating two series of annual research conferences that will bring together leading economists from central banks and academic institutions to consider issues of critical importance for policymaking. The deadline for submissions is Monday, January 15, 2009. |
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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. |
| Recent Articles |
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 The Federal Home Loan Bank System:
The Lender of Next-to-Last Resort?In this paper, we document the significant role played by the FHLB System at the onset of the ongoing financial crises and then provide evidence on the uses of these funds by the System’s bank and thrift members. By Adam B. Ashcraft, Morten L. Bech, and W. Scott Frame, Staff Reports 357, November 2008 |
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| CoVaR The authors define CoVaR as the value at risk (VaR) of financial institutions conditional on other institutions being in distress. By Tobias Adrian and Markus Brunnermeier, Staff Reports 348, September 2008 |
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| Financial Intermediaries, Financial Stability, and Monetary Policy In a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. By Tobias Adrian and Hyun Song Shin, Staff Reports 346, September 2008 |
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| Financial Intermediary Leverage and Value at Risk The authors study a contracting model for the determination of leverage and balance sheet size for financial intermediaries that fund their activities through collateralized borrowing. By Tobias Adrian and Hyun Song Shin, Staff Reports 338, July 2008 |
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| Banking Globalization, Monetary Transmission, and the Lending Channel The authors show that the large banks that operate globally rely on internal capital markets with their foreign affiliates to help smooth domestic liquidity shocks. By Nicola Cetorelli and Linda S. Goldberg, Staff Reports 333 July 2008 |
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| Corporate Performance, Board Structure, and Their Determinants in the Banking Industry The subprime crisis highlights how little we know about the governance of banks. This paper addresses a long-standing gap in the literature by analyzing board governance using a sample of banking firm data that spans forty years. By Renee B. Adams and Hamid Mehran, Staff Reports 330, June 2008 |
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| Settlement Delays in the Money Market The authors track 38,000 money market trades from execution to delivery and return to provide a first empirical analysis of settlement delays in financial markets. By Leonardo Bartolini, Spence Hilton, and James McAndrews, Staff Reports 319, March 2008 |
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