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How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
Afonso, Gara; Acharya, Viral V.; Kovner, Anna (2013-08-01)
We investigate how banks scrambled for liquidity following the asset-backed commercial paper (ABCP) market freeze of August 2007 and its implications for corporate borrowing. Commercial banks in the United States raised dollar deposits and took advances from Federal Home Loan Banks (FHLBs), while foreign banks had limited access to such alternative dollar funding. Relative to before the ABCP freeze and relative to their non-dollar lending, foreign banks with ABCP exposure charged higher interest rates to corporations for dollar-denominated syndicated loans. The results point to a funding risk ...
Staff Reports , Paper 623

Speech
The new era of supervision: progress to date and the road ahead
Dahlgren, Sarah J. (2014-10-29)
Remarks at the New York Bankers Association's Annual Meeting, New York City.
Speech , Paper 149

Report
International banking and liquidity risk transmission: lessons from across countries
Goldberg, Linda S.; Buch, Claudia M. (2014-05-01)
Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for heterogeneity in transmission across banks. The International Banking Research Network, established in 2012, brings together researchers from around the world with access to micro-level data on individual banks to analyze issues pertaining to global banks. This paper summarizes the common methodology and ...
Staff Reports , Paper 675

Report
Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria
Anagnostakos, Peter; Bram, Jason; Chan, Benjamin; Fischl-Lanzoni, Natalia; Latif, Hasan; Mahoney, James M.; Morgan, Donald P.; Morgan, Ladd; Suarez, Ivelisse (2023-11-01)
We study Puerto Rico’s experience after the severe hurricane season of 2017 to better understand how extreme weather disasters affect bank stability and their ability to lend. Despite the devastation wrought by two category 5 hurricanes in a single month, we find relatively modest and transitory impacts on bank performance with no evident decline in lending capacity. We discuss various mitigants that help limit bank exposure to extreme weather and whether these mitigants may be vulnerable given the potential for more severe and more impactful climate events.
Staff Reports , Paper 1078

Working Paper
The Credit Card Spending Channel of Monetary Policy: Micro Evidence from Account-level Data
Bräuning, Falk; Stavins, Joanna (2025-09-01)
Monetary policy impacts consumer spending via the effect of interest rate changes on credit card borrowing. Using supervisory account-level spending and balance data, we estimate that a 1 percentage point increase in the interest rate reduces credit card spending by nearly 9 percent and revolving balances by close to 4 percent. Aggregate results are primarily driven by revolving accounts, while we estimate small and statistically insignificant interest-rate elasticity for transaction accounts. Consistent with financial constraints, low-credit-score accounts tend to adjust spending, while ...
Working Papers , Paper 25-10

Working Paper
Faster Payments: Market Structure and Policy Considerations
Stavins, Joanna; Baughman, Garth; Stewart, Kylie; Rosenbaum, Aaron; Hayashi, Fumiko; Manuszak, Mark D. (2017-11-01)
This paper reports on a research effort by Federal Reserve staff to examine market structure implications in the still?emerging faster payments market. The analysis and conclusions in this paper are those of the authors and do not indicate official positions of the Board of Governors or Federal Reserve System. Although this paper offers several considerations regarding the U.S. faster payments market, it does not make specific policy recommendations or provide a view on the potential roles, including service provider or other roles, that the Federal Reserve may play in this market.2 Given the ...
Research Working Paper , Paper RWP 17-14

Working Paper
The Effect of Foreign Lending on Domestic Loans : An Analysis of U.S. Global Banks
Pogach, Jonathan; Liu, Edith X. (2017-02)
This paper examines the effect of foreign lending on the domestic lending for US global banks. We show that greater foreign loan growth complements, rather than detracts from, domestic commercial lending. Exploiting a confidential data (FFIEC 009) on international loan exposure of US banks, we estimate that a 1% increase in foreign office lending is associated with a 0.6% growth in domestic commercial lending, suggesting complementarity across these lending channels. However, when capital raising is tight during the Global Financial Crisis of 2008, we find that foreign lending did come at the ...
International Finance Discussion Papers , Paper 1198

Working Paper
Agency and incentives: vertical integration in the mortgage foreclosure industry
Lambie-Hanson, Lauren; Lambie-Hanson, Timothy (2015-10-17)
In many U.S. states, the law firms that represent lenders in foreclosure proceedings must hire auctioneers to carry out the foreclosure auctions. The authors empirically test whether processing times differ for law firms that integrate the mortgage foreclosure auction process compared with law firms that contract with independent auction companies. They find that independent firms are able to initially schedule auctions more quickly, but when postponements occur, they are no faster to adapt. Since firms schedule the initial auction before contracting, independent auction companies have an ...
Working Papers , Paper 15-38

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