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Working Paper
The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization
Li, Nan; Papageorgiou, Chris; Zha, Tao (2021-07-13)
Using a novel database of domestic financial reforms in 90 countries from 1973 to 2014, we document that global financial liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s, and slowed down after 2000. We estimate a learning model that explains these dynamics. Policymakers updated their beliefs about the growth effects of financial reforms by learning from their own and other countries' experiences. Positive growth surprises in advanced economies helped accelerate belief updating worldwide, leading to the global wave of ...
FRB Atlanta Working Paper , Paper 2021-19

Journal Article
Minority-Owned Banks and Their Primary Local Market Areas
Toussaint-Comeau, Maude; Newberger, Robin G. (2017)
In this article, we analyze the experience and performance of MDIs in their primary local service areas in recent periods, including before, during, and after the 2008 financial crisis. We provide a review of the sector, highlighting key policies and initiatives pertaining to and affecting these institutions, and provide a brief review of previous research. We document trends in the sector, including: 1) the characteristics of the locations where MDIs tend to do business; 2) the changing landscape of MDIs in terms of openings, closings, and mergers by ethnic ownership; and 3) the performance ...
Economic Perspectives , Issue 4 , Pages 1-31

Report
Bank holding company dividends and repurchases during the financial crisis
Hirtle, Beverly (2014-03-01)
Many large U.S. bank holding companies (BHCs) continued to pay dividends during the 2007-09 financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases by these BHCs dropped sharply in the early part of the crisis. Documenting this divergent behavior is one of the key contributions of this paper. The paper also examines the role that repurchases played in large BHCs? decisions to reduce or eliminate dividends. The key findings are that smaller BHCs ...
Staff Reports , Paper 666

Speech
Recurring Themes for the New Year
Evans, Charles L. (2014-01-15)
A speech delivered on January 15, 2014, at the Corridor Economic Forecast Luncheon in Coralville, IA.
Speech , Paper 2

Working Paper
Finance and Productivity Growth: Firm-level Evidence
Levine, Oliver; Warusawitharana, Missaka (2014-02-24)
Using data on a broad set of European firms, we find a strong positive relationship between the use of external financing and future productivity (TFP) growth within firms. This relationship is robust to various measures of financing and productivity, and strengthens as financing costs increase. We provide evidence against a reverse-causality explanation by showing that this relationship arises from the component of TFP that is outside the information set of the firm. These findings indicate that financial development supports productivity growth within firms, and helps explain why economic ...
Finance and Economics Discussion Series , Paper 2014-17

Journal Article
Small Business Lending After the Financial Crisis: A New Competitive Landscape for Community Banks
Lemieux, Catharine; Jagtiani, Julapa (2016)
Community banks face growing competition, but also opportunities to partner with alternative lenders using technology to find borrowers and underwrite loans.
Economic Perspectives , Issue 3

Speech
Unprecedented Times in our Economy
Evans, Charles L. (2008-10-17)
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Fond du Lac Area Association of Commerce Fond du Lac, WI
Speech , Paper 21

Report
The rescue of Fannie Mae and Freddie Mac
Tracy, Joseph; Frame, W. Scott; Vickery, James; Fuster, Andreas (2015-03-01)
We describe and evaluate the measures taken by the U.S. government to rescue Fannie Mae and Freddie Mac in September 2008. We begin by outlining the business model of these two firms and their role in the U.S. housing finance system. Our focus then turns to the sources of financial distress that the firms experienced and the events that ultimately led the government to take action in an effort to stabilize housing and financial markets. We describe the various resolution options available to policymakers at the time and evaluate the success of the choice of conservatorship, and other actions ...
Staff Reports , Paper 719

Working Paper
Fiscal Multipliers and Financial Crises
Faria-e-Castro, Miguel (2020-05)
What type of fiscal policy is most effective during a financial crisis? I study the macroeconomic effects of the US fiscal policy response to the Great Recession, accounting not only for standard tools such as government purchases and transfers but also for financial sector interventions such as bank recapitalizations and credit guarantees. A nonlinear quantitative model calibrated to the US allows me to study the state-dependent effects of different types of fiscal policies. I combine the model with data on the US fiscal policy response to find that the fall in aggregate consumption would ...
Working Papers , Paper 2018-023

Report
Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences
Ghysels, Eric; Onorante, Luca; Alessi, Luci; Potter, Simon M.; Peach, Richard (2014-07-01)
This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not focus exclusively on point forecast performance. It also examines density forecasts, as well as methodological contributions, including how financial market data could have been incorporated into the forecasting process.
Staff Reports , Paper 680

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