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Journal Article
Budgets and borrowing
Journal Article
Government loan and guarantee programs
Journal Article
Third war loan drive
Journal Article
War loan drive and the money market
Journal Article
Fourth war loan drive
Journal Article
President's message
Journal Article
Foreign housing finance: America’s unique mortgage finance system is facing renovation. The approaches of other developed nations may provide some guidance for reform.
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q2/cover_weblinks.cfm
Journal Article
Spending and borrowing
Journal Article
Editor's introduction
Working Paper
Expansionary Austerity: Reallocating Credit Amid Fiscal Consolidation
We study the impact of public debt limits on economic growth exploiting the introduction of a Mexican law capping the debt of subnational governments. Despite larger fiscal consolidation, states with higher ex-ante public debt grew substantially faster after the law, albeit at the expense of increased extreme poverty. Credit registry data suggests that the mechanism behind this result is a reduction in crowding out. After the law, banks operating in more indebted states reallocate credit away from local governments and into private firms. The unwinding of crowding out is stronger for riskier ...