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23 posts on "financial crisis"
October 16, 2013

A Look at Bank Loan Performance

U.S. banks experienced a rapid rise in loan delinquencies and defaults during the 2007-09 recession, driven by rising unemployment and falling real estate prices, among other factors.

July 10, 2013

Common Stock Repurchases during the Financial Crisis

Beverly Hirtle Large bank holding companies (BHCs) continued to pay dividends to their shareholders well after the onset of the recent financial crisis. Academics, industry analysts, and policymakers have noted that these payments reduced capital at these firms at a time when there was considerable uncertainty about the full extent of losses facing individual banks […]

Posted at 7:00 am in Financial Institutions | Permalink
September 17, 2012

The Odd Behavior of Repo Haircuts during the Financial Crisis

Since the financial crisis began, there’s been substantial debate on the role of haircuts in U.S. repo markets.

August 22, 2012

The Fed’s Emergency Liquidity Facilities during the Financial Crisis: The PDCF

During the height of the 2007-09 financial crisis, intermediation activities across the financial sector collapsed.

March 30, 2012

Just Released: Chairman Bernanke Returns to His Academic Roots, Part 2

his week, Federal Reserve Chairman Ben Bernanke completed his four-lecture series for undergraduate students at the George Washington School of Business in Washington, D.C.

March 23, 2012

Just Released: Chairman Bernanke Returns to His Academic Roots

Federal Reserve Chairman Ben Bernanke is back in the classroom this month to deliver a series of four lectures for undergraduate students at the George Washington School of Business in Washington, D.C.

November 8, 2011

Just Released: Conference on Global Systemic Risk Explores Four Key Questions

The 2007-09 financial crisis spread to markets and institutions around the world, demonstrating why global systemic risk is a major concern in modern financial markets.

October 17, 2011

Back to the Future: Revisiting the European Crisis

Recent financial developments are calling into question the future of regional economic integration.

October 12, 2011

Short-Term Debt, Rollover Risk, and Financial Crises

One of the many striking features of the recent financial crisis was the sudden “freeze” in the market for the rollover of short-term debt.

August 31, 2011

Is There Stigma to Discount Window Borrowing?

The Federal Reserve employs the discount window (DW) to provide funding to fundamentally solvent but illiquid banks (see the March 30 post “Why Do Central Banks Have Discount Windows?”). Historically, however, there has been a low level of DW use by banks, even when they are faced with severe liquidity shortages, raising the possibility of a stigma attached to DW borrowing. If DW stigma exists, it is likely to inhibit the Fed’s ability to act as lender of last resort and prod banks to turn to more expensive sources of financing when they can least afford it. In this post, we provide evidence that during the recent financial crisis banks were willing to pay higher interest rates in order to avoid going to the DW, a pattern of behavior consistent with stigma.

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