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Working Paper
Efficient bailouts?
Bianchi, Javier (2012)
This paper develops a non-linear DSGE model to assess the interaction between ex-post interventions in credit markets and the build-up of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the anticipation of such bailouts leads to an increase in risk-taking, making the economy more vulnerable to a financial crisis. The optimal policy requires, in general, a mix of ex-post intervention and ex-ante prudential policy. We also analyze the effects of bailouts on financial stability and welfare in the absence of ...
Globalization Institute Working Papers , Paper 133

Speech
Financial reform or financial dementia?
Fisher, Richard W. (2010)
Remarks at the SW Graduate School of Banking 53rd Annual Keynote Address and Banquet, Dallas, Texas, June 3, 2010 ; "Let me make my sentiments clear: It is my view that, by propping up deeply troubled big banks, authorities have eroded market discipline in the financial system."
Speeches and Essays , Paper 61

Journal Article
Implementing the Monetary Control Act in a troubled environment for thrifts
Moulton, Janice M. (1982-07)
Business Review , Issue Jul/Aug , Pages 13-21

Speech
Two areas of present concern: the economic outlook and the pathology of Too-Big-to-Fail (with reference to Errol Flynn, Johnny Mercer, Gary Stern, and Voltaire)
Fisher, Richard W. (2009)
Remarks before the Senior Delegates' Roundtable of the Fixed Income Forum, Carlsbad, California, July 23, 2009. ; "A lot of former negatives are being eliminated. We are seeing changes from negative impulses to slightly positive ones. This accentuates the positive in the aggregate. We probably have the beginnings of a faint recovery."
Speeches and Essays , Paper 8

Speech
Lessons learned, convictions confirmed
Fisher, Richard W. (2010)
"In theory, the Fed's monetary policy and regulatory functions are separate. In practice, they are anything but--rather, it is a symbiotic relationship. The past two years have highlighted the interconnections of monetary and regulatory policy: Monetary policy depends upon regulation that ensures the soundness of financial institutions." ; Remarks before the Council on Foreign Relations, New York City, March 3, 2010.
Speeches and Essays , Paper 27

Working Paper
Mortgage companies and regulatory arbitrage
Demyanyk, Yuliya; Loutskina, Elena (2012)
Mortgage companies (MCs) originated about 60% of all mortgages before the 2007 crisis and continue to hold a 30% market share postcrisis. While financial regulations are strictly enforced for depository institutions (banks), they are weakly enforced for MCs even if they are subsidiaries of a bank holding company (BHC). This study documents that the resulting regulatory arbitrage creates incentives for BHCs to engage in risk shifting through their MC affiliates. We show that MCs are established to circumvent the capital requirements and to shield the parent BHCs from loan-related losses. BHCs ...
Working Papers (Old Series) , Paper 1220R

Speech
Containing (or restraining) systemic risk: the need to not fail on 'Too Big to Fail' (with reference to Margaret Thatcher, Geoffrey Howe, Irving Kristol, Joe Nocera, Bastiat, Nietzsche, Mencken and Sandy Weill)
Fisher, Richard W. (2011)
Remarks before the Market News International Seminar, New York, N.Y., June 6, 2011 ; "Postcrisis, the large institutions are even larger: The top 10 now account for 64 percent of assets, up from 58 percent before the crisis and substantially higher than the 25 percent they accounted for in 1990. In effect, more prudent and better-managed banks have been denied the market share that would have been theirs if mismanaged big banks had been allowed to go out of business.
Speeches and Essays , Paper 90

Speech
Responding to economic crises: good intentions, bad incentives, and ugly results: a speech at The Union League of Philadelphia, October 20, 2010
Plosser, Charles I. (2010-10-20)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> The Union League of Philadelphia, October 20, 2010
Speech , Paper 44

Periodic Essay
Accounting regulatory architecture in Asia
Yao, Walter; True, Linda (2012-04)
Accounting regulatory regimes play a critical role in ensuring the reliability of financial data and the credibility of a company, and ultimately in supporting the stability of an economy. For the United States, the collapse of the Enron Corporation and the eruption of other financial statement related scandals a decade ago stand as clear reminders of the importance of reliable audit reviews and adequate regulatory oversight. These scandals led to the passage of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act). This legislation created an independent accounting oversight board to ...
Asia Focus , Issue Apr

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