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Discussion Paper
The U.S. Syndicated Term Loan Market: Who Holds What and When?
Lee, Seung Jung; Li, Dan; Meisenzahl, Ralf R.; Sicilian, Martin (2019-11-25)
This note looks carefully at the transition of ownership of syndicated term loans immediately after a deal is launched based on the Shared National Credit data.
FEDS Notes , Paper 2019-11-25

Discussion Paper
Bank Lending Conditions during the Pandemic
Bodovski, David; Firestone, Hannah; Lee, Seung Jung; Stebunovs, Viktors (2021-10-15)
The COVID-19 pandemic has been a large shock to economies and financial systems around the world. In the beginning, as governments introduced unprecedented measures to contain the quickly spreading virus and households hunkered down to socially distance from one another, output plummeted, unemployment skyrocketed, and significant financial stress materialized.
FEDS Notes , Paper 2021-10-15-2

Working Paper
The Anatomy of Financial Vulnerabilities and Crises
Lee, Seung Jung; Posenau, Kelly E.; Stebunovs, Viktors (2017-02)
We extend the framework used in Aikman, Kiley, Lee, Palumbo, and Warusawitharana (2015) that maps vulnerabilities in the U.S. financial system to a broader set of advanced and emerging economies. Our extension tracks a broader set of vulnerabilities and, therefore, captures signs of different types of crises. The typical anatomy of the evolution of vulnerabilities before and after a financial crisis is as follows. Pressures in asset valuations materialize, and a build-up of imbalances in the external, financial, and nonfinancial sectors follows. A financial crisis is typically followed by a ...
International Finance Discussion Papers , Paper 1191

Discussion Paper
Mapping Heat in the U.S. Financial System: A Summary
Aikman, David; Kiley, Michael T.; Lee, Seung Jung; Palumbo, Michael G.; Warusawitharana, Missaka (2015-08-05)
This note reports a selection of results from research intended to quantitatively measure the buildup and reduction of vulnerabilities in the U.S. financial system over time.
FEDS Notes , Paper 2015-08-05

Working Paper
Prudential Policies and Their Impact on Credit in the United States
Lee, Seung Jung; Calem, Paul S.; Correa, Ricardo (2016-12-13)
We analyze how two types of recently used prudential policies affected the supply of credit in the United States. First, we test whether the U.S. bank stress tests had any impact on the supply of mortgage credit. We find that the first Comprehensive Capital Analysis and Review (CCAR) stress test in 2011 had a negative effect on the share of jumbo mortgage originations and approval rates at stress-tested banks?banks with worse capital positions were impacted more negatively. Second, we analyze the impact of the 2013 Supervisory Guidance on Leveraged Lending and subsequent 2014 FAQ notice, ...
International Finance Discussion Papers , Paper 1186

Working Paper
The U.S. Syndicated Loan Market : Matching Data
Sicilian, Martin; Shaton, Maya; Hayes, William; Friedrichs, Melanie; Gupta, Kamran; Mislang, Nathan; Lee, Seung Jung; Cohen, Gregory J.; Marsh, W. Blake (2018-12-07)
We introduce a new software package for determining linkages between datasets without common identifiers. We apply these methods to three datasets commonly used in academic research on syndicated lending: Refinitiv LPC DealScan, the Shared National Credit Database, and S&P Global Market Intelligence Compustat. We benchmark the results of our match using results from the literature and previously matched files that are publicly available. We find that the company level matching is enhanced by careful cleaning of the data and considering hierarchical relationships. For loan level matching, a ...
Finance and Economics Discussion Series , Paper 2018-085

Working Paper
Estimating changes in supervisory standards and their economic effects
Spiller, Thomas W.; Lee, Seung Jung; Bassett, William F. (2012)
The disappointingly slow recovery in the U.S. from the recent recession and financial crisis has once again focused attention on the relationship between financial frictions and economic growth. With bank loans having only recently started growing and still sluggish, some bankers and borrowers have suggested that unnecessarily tight supervisory policies have been a constraint on new lending that is hindering recovery. This paper explores one specific aspect of supervisory policy: whether the standards used to assign commercial bank CAMELS ratings have changed materially over time (1991-2011). ...
Finance and Economics Discussion Series , Paper 2012-55

Working Paper
Mapping Heat in the U.S. Financial System
Palumbo, Michael G.; Lee, Seung Jung; Warusawitharana, Missaka; Aikman, David; Kiley, Michael T. (2015-06-24)
We provide a framework for assessing the build-up of vulnerabilities in the U.S. financial system. We collect forty-four indicators of financial and balance-sheet conditions, cutting across measures of valuation pressures, nonfinancial borrowing, and financial-sector health. We place the data in economic categories, track their evolution, and develop an algorithmic approach to monitoring vulnerabilities that can complement the more judgmental approach of most official-sector organizations. Our approach picks up rising imbalances in the U.S. financial system through the mid-2000s, presaging ...
Finance and Economics Discussion Series , Paper 2015-59

Journal Article
Profits and balance sheet developments at U.S. commercial banks in 2009
Rose, Jonathan D.; Lee, Seung Jung (2010-05)
Reviews recent developments in the balance sheets and in the profitability of U.S. commercial banks. The article discusses how developments in the U.S. banking industry in 2009 and early 2010 were related to changes in financial markets and in the broader economy.
Federal Reserve Bulletin , Volume 96 , Issue May , Pages A1-37

Working Paper
Sowing the Seeds of Financial Imbalances: The Role of Macroeconomic Performance
Afanasyeva, Elena; Modugno, Michele; Lee, Seung Jung; Jerow, Sam (2020-04-07)
The seeds of financial imbalances are sown in times of buoyant economic growth. We study the link between macroeconomic performance and financial imbalances, focusing on the experience of the United States since the 1960s. We first follow a narrative approach to review historical episodes of significant financial imbalances and find that the onset of financial disturbances typically occurs when the economy is running hot. We then look for evidence of a statistical link between measures of macroeconomic conditions and financial imbalances. In our in-sample analysis, we find that strong ...
Finance and Economics Discussion Series , Paper 2020-028

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