Search Results
Journal Article
Process and progress in risk management
President Anthony Santomero discusses three points: risk management as its own distinct discipline; the financial industry's work to improve risk-management techniques and regulators' increased commitment to risk-focused examinations; and the need to improve risk-management systems even further.
Conference Paper
Alternative monies and the demand for media of exchange
Working Paper
An overall perspective on banking regulation
Recently, the theory of banking regulation has undergone important changes. This has been the consequence of a number of compounding effects that have been occurring in the financial sector. First among these is on-going financial innovation, which has caused a virtual revolution in both financial instruments and markets. As a result, the markets and institutions that must be regulated have changed substantially over time. At the same time, regulation has evolved, as the regulators have learned the lessons from the recent spat of banking crises. As a consequence of these experiences, ...
Journal Article
A farewell from President Santomero
President Anthony M. Santomero reflects on the economic challenges and changes during his tenure as president over the past six years and summarizes some of the Bank?s accomplishments.
Journal Article
De novo banking in the third district
Journal Article
Corporate governance and responsibility
In the first article this quarter, President Anthony Santomero asks: What is the root of the corporate governance problems that have recently gained the spotlight? Is it the mega-merger frenzy of the 1980s? Overly optimistic forecasts of earnings? Innovations in the financial services industry? Although these factors undoubtedly played some role, President Santomero views governance problems as having deeper roots. In "Corporate Governance and Responsibility," he points out that the central dilemma is one of conflicting interests in organizations - what economists call "the ...
Journal Article
The causes and effects of financial modernization
In "The Causes and Effects of Financial Modernization," President Santomero outlines financial legislation since the 1930s and discusses the impact that the Gramm-Leach-Bliley (GLB) Act has had and will continue to have on the financial services industry.
Journal Article
Monetary policy and inflation targeting in the United States.
Should monetary policymakers in the U.S. adopt explicit inflation targeting? After all, the Fed has steadily reduced inflation over the past 25 years without resorting to an explicit inflation target. But having achieved price stability, we must now deal with the matter of maintaining it. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting, which he first discussed in the spring of 2003. This time, he expands that discussion by proposing a specific inflation targeting program
Journal Article
Lessons learned from the recent business cycle
The U.S. economy enjoyed a remarkable run in the 1990s. As it moved into the new century, however, the economy underwent various fits and starts before entering its current expansion phase. In this quarter?s message, President Anthony Santomero shares his views on the U.S. economy and outlines some of the ?Lessons Learned from the Recent Business Cycle.?