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Conference Paper
Supervision of undercapitalized banks: is there a case for change?
Journal Article
The financial condition of U.S. banks: how different are community banks?
This article examines the condition of the banking industry in the United States, with an emphasis on community banks. In spite of the recent recession, the condition of the banking industry is substantially better than during the recession of 1990-91. There has been an increase in problem loans at both large and small banks during recent quarters, and nonperforming loans have risen relative to the allowance for loan and lease losses. Among the banks in each of the size groups in this article, however, ratios of equity to total assets in recent quarters are at about their highest levels since ...
Working Paper
Can feedback from the jumbo-CD market improve off-site surveillance of community banks?
We examine the value of feedback from the jumbo-certificate-of-deposit (CD) market in the off-site surveillance of community banks. Using accounting data, we construct proxies for default premiums on jumbo CDs. Then, we produce rank orderings of community banks -- defined as institutions holding less than $500 million in assets (constant 1999 dollars) -- based on these proxies. Next, we use an econometric surveillance model to generate rank orderings based on the probability of encountering financial distress. Finally, we compare these rank orderings as tools for flagging emerging problems. ...
Journal Article
Problem business loans rise at large banks
Journal Article
The condition of banks: what are examiners finding?
Working Paper
Effects of Federal Reserve services on the efficiency of the system for collecting checks in the United States: 1915--30
This paper investigates whether the services of the Federal Reserve System improved the efficiency of the system in the United States for collecting checks relative to the efficiency of the system used by banks just prior to the formation of the Federal Reserve. There are two types of evidence that the Fed's services improved efficiency. First, the Reserve Banks quickly became major processors of interregional checks, even though banks could have continued to use the prior payments arrangements. Second, declines in the ratios of cash to total assets of banks can be attributed to the ...
Journal Article
Banking antitrust: are the assumptions still valid?
In bank antitrust analyses, banking regulators rely on certain assumptions about products and services of banks, the markets in which they operate, competitors within those markets, and the effects of mergers or acquisitions on those markets. During the 1990s, financial innovation and changes in banking regulations changed the landscape in which banks compete. Consequently, the assumptions behind antitrust analyses have come into question. This article surveys recent studies relevant for assessing the validity of the assumptions that underlie banking antitrust. Most of the evidence supports ...
Journal Article
New seasonal factors for the adjusted monetary base
Conference Paper
Local economic effects of bank failures
Journal Article
Bank runs and private remedies