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Report
Central banks and crisis management
As 2007 began, historians prepared to reflect on several anniversaries of financial turmoil. It had been 10 years since the East Asian crisis, 20 years since the Black Monday stock market crash, 100 years since the Panic of 1907, and 150 years since the Hamburg financial crisis of 1857. Not many, however, could have predicted that 2007 would write its own chapter in history with the subprime mortgage meltdown.
Monograph
Applying Research to Policy Issues in Distressed Housing Markets: Data-Driven Decision Making
A compilation of research published by the Federal Reserve Bank of Cleveland on housing markets experiencing foreclosure and/or a large number of vacant properties which sheds light on a wide range of housing markets. It provides possible policy solutions applicable to both regional and national policy discussions.
Journal Article
The mortgage debacle and loan modifications
In today's increasingly sophisticated financial markets, loan modifications are often complex processes that involve multiple players with competing legal and financial interests. To better understand loan modifications, the Federal Reserve Bank of Cleveland hosted a one-day workshop in November 2007 featuring four financial and legal experts - Tony Saunders from Arizona State University, Steven Schwarcz from Duke University, Joseph Mason from Louisiana State University, and Kathleen Engel from Cleveland State University - who shared their knowledge and recommendations for possible solutions ...
Journal Article
Effective practices in crisis resolution and the case of Sweden
The current financial crisis is a painful reminder that the developed world is not yet immune to these devastating shocks. But while we haven?t learned to prevent them, we have learned some lessons about what is necessary to contain them once they begin and to limit the damage that follows. As policymakers worldwide focus on resolving the current financial crisis, they might look to Sweden as a useful model for effective strategies.
Journal Article
Dividends
In recent years, there has been increasing pressure on U.S. corporations to distribute earnings to shareholders in the form of dividends. This Commentary explains that dividends are important, but investors can err by reading too much into them.
Journal Article
Do bank branches matter anymore?
Bank branches have been disappearing in some major metropolitan areas, as their populations and economic activity decline. Our research suggests that brick-and-mortar branches provide tangible benefi ts to consumers, especially in low- and moderate-income neighborhoods. When branches are located in these areas, borrowers living there default less and have greater access to credit.
Journal Article
The employability of returning citizens is key to neighborhood revitalization
One problem low-income communities may face in trying to revitalize is dealing with a high share of residents who are returning home after serving prison terms. Returning citizens often concentrate in low-income areas, and they typically lack the education and skills needed to fi nd jobs. This Commentary reviews these and other barriers to employment, estimates the degree of unemployment, and describes some solutions emerging for this population.
Journal Article
The Employability of Returning Citizens Is Key to Neighborhood Revitalization
One problem low-income communities may face in trying to revitalize is dealing with a high share of residents who are returning home after serving prison terms. Returning citizens often concentrate in low-income areas, and they typically lack the education and skills needed to fi nd jobs. This Commentary reviews these and other barriers to employment, estimates the degree of unemployment, and describes some solutions emerging for this population.
Journal Article
Legal systems and bank development
In some countries, banks are firms? key source of financing. In others, firms look mainly to credit markets to meet their financial needs. Why should this be so? New research suggests that a country?s legal tradition strongly influences which financial system becomes dominant there.
Journal Article
Exchange-traded funds
ETFs are one of the most successful financial innovations of the last few decades. As a new, rapidly growing, and increasingly complex financial instrument, ETFs might raise concerns about the risk they pose to financial stability. While they do not seem to pose a threat at this time, ETFs exposed a weakness in U.S. stock markets during the Flash Crash of 2010: the fragmented nature of trading, which can leave some markets very shallow.