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299 posts on "Financial Markets"
April 9, 2014

Lunch Anyone? Volatility on the Tokyo Stock Exchange around the Lunch Break on May 23, 2013, and Stock Market Circuit Breakers

Stock market circuit breakers halt trading activity on a single stock or an entire exchange if a sudden large price move occurs.

Posted at 7:00 am in Financial Markets, Liquidity, Stocks | Permalink
April 1, 2014

Mixing and Matching Collateral in Dealer Banks

The failure or near-collapse of some of the largest dealer banks on Wall Street in 2008 highlighted the profound complexity of the industry.

March 31, 2014

Measuring Global Bank Complexity

Paraphrasing a famous Supreme Court opinion: “I know bank complexity when I see it.”

March 28, 2014

Evolution in Bank Complexity

In yesterday’s post, our colleagues discussed the historic changes in financial sector size.

Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
March 27, 2014

The Growth of Murky Finance

Building upon previous posts in this series that discussed individual banks, we examine the historical growth of the entire financial sector, relative to the rest of the economy.

March 24, 2014

Convexity Event Risks in a Rising Interest Rate Environment

The rise in the ten-year Treasury rate last summer was perhaps the most dramatic since the 2003 bond market sell-off.

Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
March 10, 2014

Has Automated Trading Promoted Efficiency in the FX Spot Market?

The relative merits of algorithmic and high-frequency trading are most often discussed in the context of equity markets.

March 5, 2014

Risk Aversion, Global Asset Prices, and Fed Tightening Signals

The global sell-off last May of emerging market equities and currencies of countries with high interest rates (“carry-trade” currencies) has been attributed to changes in the outlook for U.S. monetary policy, since the sell-off took place immediately following Chairman Bernanke’s May 22 comments concerning the future of the Fed’s asset purchase programs.

March 3, 2014

How Unconventional Are Large‑Scale Asset Purchases?

The large-scale asset purchases (LSAPs) undertaken by the Fed starting in late November 2008 are widely considered to be a form of “unconventional” monetary policy.

February 24, 2014

What Makes a Bank Stable? A Framework for Analysis

Thomas M. Eisenbach and Tanju Yorulmazer One of the major roles of banks and other financial intermediaries is to channel funds from savings into valuable projects. In doing so, banks engage in “liquidity and maturity transformation,” since they finance long-term, illiquid projects while funding themselves with short-term, liquid liabilities. By performing this important role, banks […]

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