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Working Paper
Bank Complexity, Governance, and Risk

Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader risk profiles is less well understood. Business, organizational, and geographic complexity can engender explicit trade-offs between the agency problems that increase risk and the diversification, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may ...
International Finance Discussion Papers , Paper 1287

Discussion Paper
Money Market Funds and the New SEC Regulation

On October 14, 2016, amendments to Securities and Exchange Commission (SEC) rule 2a-7, which governs money market mutual funds (MMFs), went into effect. The changes are designed to reduce MMFs? susceptibility to destabilizing runs and contain two principal requirements. First, institutional prime and muni funds?but not retail or government funds?must now compute their net asset values (NAVs) using market-based factors, thereby abandoning the fixed NAV that had been a hallmark of the MMF industry. Second, all prime and muni funds must adopt a system of gates and fees on redemptions, which can ...
Liberty Street Economics , Paper 20170320

Financial reform or financial dementia?

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
Bank regulation: strengthening Friedman's case for reform

Quarterly Review , Volume 1 , Issue Sum

Working Paper
Modeling Your Stress Away

We investigate systematic changes in banks' projected credit losses between the 2014 and 2016 EBA stress tests, employing methodology from Philippon et al. (2017). We find that projected credit losses were smoothed across the tests through systematic model adjustments. Those banks whose losses would have increased the most from 2014 to 2016 due to changes in the supervisory scenarios-keeping the models constant and controlling for changes in the riskiness of underlying portfolios-saw the largest decrease in losses due to model changes. Model changes were more pronounced for banks that rely ...
International Finance Discussion Papers , Paper 1232

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes

Supersedes Working Paper 14-23. The accuracy of appraisals came into scrutiny during the housing crisis, and a set of policies and regulations was adopted to address the conflict-of-interest issues in the appraisal practices. In response to an investigation by the New York State Attorney General?s office, the Home Valuation Code of Conduct (HVCC) was agreed to by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency. Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on ...
Working Papers , Paper 15-28

Welcoming remarks : financial interdependence in the world's post-crisis capital markets : a speech for the 2010 Global Conference Series (Part III), March 3, 2010.

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> Financial Interdependence in the World's Post-Crisis Capital Markets, Presented by the Global Interdependence Center (GIC) in partnership with the Philadelphia Council for Business Economics, the CFA Society of Philadelphia, and the Federal Reserve Bank of Philadelphia, 2010 Global Conference Series (Part III) March 3, 2010.
Speech , Paper 35

Working Paper
Credit Ratings, Private Information, and Bank Monitoring Ability

In this paper, we use credit rating data from two large Swedish banks to elicit evidence on banks' loan monitoring ability. For these banks, our tests reveal that banks' internal credit ratings indeed include valuable private information from monitoring, as theory suggests. Banks' private information increases with the size of loans.
Working Papers , Paper 16-14

Working Paper
The Volcker Rule and Market-Making in Times of Stress

Focusing on downgrades as stress events that drive the selling of corporate bonds, we document that the illiquidity of stressed bonds has increased after the Volcker Rule. Dealers regulated by the Rule have decreased their market-making activities while non-Volcker-affected dealers have stepped in to provide some additional liquidity. Furthermore, even Volcker-affected dealers that are not constrained by Basel III and CCAR regulations change their behavior, inconsistent with the effects being driven by these other regulations. Since Volcker-affected dealers have been the main liquidity ...
Finance and Economics Discussion Series , Paper 2016-102

Journal Article
In-depth: is the end near for the popular transaction account guarantee program?

The Dodd-Frank superseded and extended the coverage of the FDIC?s popular TAG program, which is set to expire on Dec. 31, 2012. Opinions are divided among numerous bankers, banking organizations, lawmakers and others on whether TAG should continue or terminate.
Central Banker , Issue Summer



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Fisher, Richard W. 9 items

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