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Discussion Paper
A New Dataset of Macroprudential Policy Governance Structures
Correa, Ricardo; Edge, Rochelle M.; Liang, J. Nellie (2017-11-07)
Governance structures are a critical part of a framework for implementing macroprudential policy, alongside methodologies for measuring and monitoring systemic risk, and analyses to understand the impact of policies that may be used to mitigate risk. As part of various research projects to study macroprudential policy frameworks, we have compiled a new dataset of governance structures in 58 countries. This note documents the construction of our dataset, including the decisions that we made concerning the countries and governance-structure facts to record in our dataset, and it discusses the ...
IFDP Notes , Paper 2017-11-07

Working Paper
Financial Institutions’ Business Models and the Global Transmission of Monetary Policy
Bonner, Clemens; Haan, Leo de; Stebunovs, Viktors; Frost, Jon; Correa, Ricardo; Argimon, Isabel; Duijm, Patty; Haan, Jakob de (2018-05-29)
Global financial institutions play an important role in channeling funds across countries and, therefore, transmitting monetary policy from one country to another. In this paper, we study whether such international transmission depends on financial institutions' business models. In particular, we use Dutch, Spanish, and U.S. confidential supervisory data to test whether the transmission operates differently through banks, insurance companies, and pension funds. We find marked heterogeneity in the transmission of monetary policy across the three types of institutions, across the three banking ...
International Finance Discussion Papers , Paper 1228

Conference Paper
Which banks sponsored ABCP vehicles and why?
Kotter, Jason; Arteta, Carlos O.; Correa, Ricardo; Carey, Mark S. (2008)
Proceedings , Paper 1072

Working Paper
Firm volatility and banks: evidence from U.S. banking deregulation
Correa, Ricardo; Suarez, Gustavo A. (2009)
This paper exploits the staggered timing of state-level banking deregulation in the United States during the 1980s to study the causal effect of banking integration on the volatility of non-financial corporations. We find that firm-level employment, production, sales, and cash flows are less volatile after interstate banking deregulation, particularly for firms that have limited access to external finance. This finding suggests that bank-dependent firms exploit wider access to finance after deregulation to smooth out idiosyncratic shocks. In fact, short-term credit becomes less pro-cyclical ...
Finance and Economics Discussion Series , Paper 2009-46

Report
Liquidity risk and U.S. bank lending at home and abroad
Correa, Ricardo; Goldberg, Linda S.; Rice, Tara N. (2014-06-01)
While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign affiliates. Among the nonglobal banks (those without a foreign affiliate), cross-sectional differences in response to liquidity risk depend on the banks? shares of core deposit funding. By contrast, differences across global banks (those with foreign affiliates) are associated with ex ante liquidity ...
Staff Reports , Paper 676

Working Paper
Internal Liquidity Management and Local Credit Provision
Goldrosen, Jason; Coleman, Nicholas; Feler, Leo; Correa, Ricardo (2017-05-01)
This paper studies the patterns of internal liquidity management and their effect on bank lending, using a novel branch-level dataset of Brazilian banks. Our results suggest that internal liquidity management increases during times of financial stress. Privately owned banks are most affected by a liquidity shock, and increase the level of internal funding to maintain their branch lending, while their government-owned competitors react strategically. Private and government banks increase the funding of branches in concentrated and riskier areas. This funding translates into more lending, as ...
International Finance Discussion Papers , Paper 1204

Report
Bank Complexity, Governance, and Risk
Goldberg, Linda S.; Correa, Ricardo (2020-06-01)
Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations fail, the effect of complexity on BHCs’ broader risk profiles is less well understood. Business, organizational, and geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may ...
Staff Reports , Paper 930

Discussion Paper
2nd Annual International Roles of the U.S. Dollar Conference
Chaboud, Alain P.; Correa, Ricardo; Douglass, Patrick; Goldberg, Linda S.; Londono, Juan M.; Ravazzolo, Fabiola (2023-06-23)
The U.S. dollar plays a central role in the global economy. In addition to being the most widely used currency in foreign exchange transactions, it represents the largest share in official reserves, international debt securities and loans, cross-border payments, and trade invoicing.
FEDS Notes , Paper 2023-06-23-4

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