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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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| Financial Stability and Financial Intermediary Firms’ Behavior A Conference Cosponsored by the Federal Reserve Bank of New York and the Review of Corporate Finance Studies (RCFS) on Sept. 23-24, 210, on the Financial Stability and Financial Intermediary Firms’ Behavior. |
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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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 Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk ShiftingThis paper examines how much capital banks should optimally hold. By Viral V. Acharya, Hamid Mehran and Anjan Thakor, Staff Reports 469, September 2010 |
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| A Private Lender Cooperative Model for Residential Mortgage Finance The authors describe a set of six design principles for the reorganization of the U.S. housing finance system and apply them to one model for replacing Fannie Mae and Freddie Mac that has so far received frequent mention but little sustained analysis – the lender cooperative utility. By Toni Dechario, Patricia Mosser, Joseph Tracy, James Vickery, and Joshua Wright, Staff Reports 466, August 2010 |
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| Funding Liquidity Risk and the Cross-Section of Stock Returns The authors derive equilibrium pricing implications from an intertemporal capital asset pricing model where the tightness of financial intermediaries' funding constraints enters the pricing kernel. By Tobias Adrian and Erkko Etula, Staff Reports 464, July 2010 |
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| The Information Value of the Stress Test and Bank Opacity The authors investigate whether the “stress test,” the extraordinary examination of the nineteen largest U.S. bank holding companies conducted by federal bank supervisors in 2009, produced the information demanded by the market. By Donald P. Morgan, Stavros Peristiani, and Vanessa Savino, Staff Reports 460, July 2010 |
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| Do Underwriters Matter? The Impact of the Near Loss of an Equity Underwriter This paper adds to the literature on the role of investment banks as financial intermediaries. It provides an empirical estimate of the importance of equity underwriters and their role as post-IPO monitors. By Anna Kovner, Staff Reports 459, July 2010 |
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