the federal reserve act of 1913 was intended to

... sense OF THE FEDERAL RESERVE 15 t the core of the Federal Reserve System is the Board of Governors, or Federal Reserve Board. The Board of Governors, located in Washington, D.C., is a federal ... contributes to the nation’s monetary policy and oversees the activities of Reserve banks. Board oF governors making sense OF THE FEDERAL RESERVE 3 THE FEDERAL RESERVE SYSTEM isit a Federal Reserve ... sense OF THE FEDERAL RESERVE 13 THE FEDERAL RESERVE SYSTEM O ne of Congress’ paramount concerns in creating the Federal Reserve was to address the nation’s banking panics. This need led to one...

Ngày tải lên: 16/02/2014, 12:20

... is the purpose of the Financial Remediation Framework? The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (FRB) have developed the ... for appeal of either the findings or the amounts of remediation offered. The results of the Independent Foreclosure Review are not intended to have an impact on any other options the borrower ... modification agreement will determine whether or not the borrower is considered to be in 1 Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System JUNE 21, 2012...

Ngày tải lên: 17/02/2014, 21:20

... viability. 2 The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “agencies”) are issuing this guidance to emphasize the ... stress testing activities on a regular basis to determine, among other things, the validity of the assumptions, the severity of tests, the robustness of the estimates, the performance of any underlying ... Letter 12-7 Attachment 1 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Guidance on Stress Testing...

Ngày tải lên: 06/03/2014, 03:20

... be  58 AsEME’sbegin to industrialize,theyinitiallyhave the benefit of rapidurbanization(asagriculturalproductivity rises)and the internationaltransfer of technology.Overtimeboth of these“catchup“factorssupportinggrowth becomelessimportant. 59 Itisimportant to notethat the debate was with the Keynes of the “Treatise”andnotyet the Keynes of the “GeneralTheory”.In the TreatiseonMoney,Keynescalledformonetaryauthorities to take“extraordinary”, “unorthodox”monetarypolicies to dealwith the slump.Kregel(2011)p1,contends that The unorthodoxpolicies thatKeynesrecommendsareanearlyperfectdescription” of the ultraeasymonetarypoliciesfollowedinJapan, andmorerecentlyinothercountries.Recall,asnotedabove,thatKeynes’enthusiasmforsuchmonetarymeasures hadfadedby the time of the GeneralTheory. ... increasehasbeennotable,  72 Thisisnot to denysuccessfuleffortsbyanumber of countries,includingChina, to expandmarketsinother EME’s. Of coursethisstillleaves the broaderquestion of the robustness of the totality of thosemarketsin the event of aseriousdownturnin the AME’s. 73 Thisproblemisanalogous to thatfacedbyJapanesecorporationsin the 1990’s,aftermanyyears of debt financedinvestmentwhichprovedunprofitable.Koo(2003)stronglycontendsthat the weakness of investment spendinginJapanin the 1990’s was due to this“balancesheeteffect”,and was notdue to ashortage of loans causedbyaweakenedbankingsystem. 74 SeeBIS(2012)p29forafullerdocumentation.AlsoseeMcKinsey(2010)whoidentify the householdsectorin five of the fourteencountriestheyconsiderashavingahighprobability of futuredeleveraging.TheyidentifySpain, the US, the UK,CanadaandKorea.While the householdsectorsinBrazil,Russia, ChinaandIndiawerenotjudged to beoverleveraged,notethat the dataconsideredextendedonly to 2009.Thus the reportmissed the recent sharpincreasesinhouseholddebtlevelsinthosecountries. ... when  106 The flattening of yieldcurveshasalreadyled to anarrowing of interestspreads.SeeBankforInternational Settlements(2012)TableVI.1 107 SeeBillGross(2012).Thisisparticularlyperniciousifitthwartslongertermlending to fund the longerterm investmentthatmanyAME’sreallyneed. 108 SeeMeyer(2012) 109 SeeHaddockandBarnes(2012).Theycontendthat,prior to 2007,manyhighlyleveragedpropertydealsin the UKusedswaps to minimize the risks of risingfinancingrates.Indeed,many of theseswapshadamaturitylonger than the underlyingloanitself.Nowmany of thesedealsneed to berestructured,butlowpolicyrateshaveraised the cost of breaking the swap to prohibitivelevels.Thisisanotherexample of howlowpolicyratescanimpede the purging of malinvestmentsin the downswing of the creditcycle. 110 Theseareverysimilar to the implicationsforpensionfundswhichwerediscussedabove. 111 Dickson(2001) 112 Antolinetal(2011),Frenchetal(2011),StandardandPoors(2011)andRamaswamy(2012) ...

Ngày tải lên: 22/03/2014, 23:20

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Ngày tải lên: 31/10/2014, 00:08

... between the size of the Federal Reserve s liquidity facilities and the quantity of reserves in the banking system. The top half of this figure presents the total assets of the Federal Reserve ... the proceeds from the sale of these securities on deposit at the Federal Reserve; the net effect of this operation was to remove reserves from the banking system. The size of this program was ... is safe to abstract from these other factors and focus solely on how the level of reserves is affected by the size of the central bank’s liquidity facilities. Federal Reserve Bank of New York Staff...

Ngày tải lên: 16/02/2014, 12:20

... insofar as is practicable, the extent to which the fund intends to engage therein. See Section 8 of the Investment Company Act of 1940. 36 See Section 12 of the Investment Company Act of ... Company Act of 1940. 35 Such recital consists in each case of a statement whether the mutual fund reserves freedom of action to engage in activities of such type; if such freedom of action is reserved, ... fund. No creditor of the adviser or custodian will have a claim against the assets of the fund, and gains or losses of the fund cannot be used to offset losses or gains in any other fund or...

Ngày tải lên: 19/02/2014, 14:20

... postponed the sale of shares due to the poor performance of the domestic stock market. The bank reportedly plans to conduct its IPO in the second half of 2011 and sell up to a 20% stake, 10% of which ... to meet the new requirement by the dead- line (Figure 3 on next page); however, 29 other com- mercial banks were unable to do so due in part to the poor performance of the stock market and the ... services. Profile of the Banking Sector Early reforms to Vietnam’s banking sector were part of the broader set of market-oriented reforms that the government began implementing in the mid-1980s....

Ngày tải lên: 06/03/2014, 10:20

... Importance of the Role of Credit Rating Agencies to Investors and the Functioning of the Securities Markets 27 1. Issuers 27 2. Buy-Side Firms 28 15 whether there are practical approaches to the ... creditworthiness of issuers of securities and their financial obligations. During this time, the importance of these opinions to investors and other market participants, and the influence of these opinions ... Act ). 1 The Report is designed to address each of the topics identified for Commission study in the Sarbanes-Oxley Act, including the role of credit rating agencies and their importance to...

Ngày tải lên: 15/03/2014, 07:20

... M. K, 1995, “Revealed Preference of the Federal Reserve: Using Inverse-Control Theory to Interpret the Policy Equation of a Vector Autoregression”. Journal of Business & Economic Statistics, ... that the current inflation rate depends on its lagged values, on the fluctuation of the exchange rate in the previous period and on the two-period lag of the output gap. The verticality of the ... tr is the trace of matrix P and ξξ ∑ is the covariance matrix of the disturbance vector t ξ . Finally, 0 X is the initial vector of state variables as given. Then, using algebraic tools...

Ngày tải lên: 15/03/2014, 14:20

... have been declining across many of the major card issuers in the United States. In July, the U.S. 30-day index was down 75 basis points from the year prior, to 4.6%. Financial Highlights ... Financial Market Indicators Summary The curve of expected rates from the fed funds futures market is practically unchanged since the August 10 FOMC meeting. The fed funds futures ... 2012. As of September 22, the futures market for fed funds indicates an implied rate of about 24 bps for the July 2011 contract. Source: Bloomberg September 22, 2010 Federal Reserve Balance...

Ngày tải lên: 15/03/2014, 20:20

... for the protection of investors”). See also section 408 of the Dodd-Frank Act. Section 407 of the Dodd-Frank Act, which adds section 203(l) to the Advisers Act, exempts advisers solely to one ... reports to us. 9 We proposed rule amendments, including amendments to the Commission’s “pay to play” rule, 10 to address a number of other changes to the Advisers Act made by the Dodd-Frank Act. 11 ... them to choose whether to register with us until the summer of 2012 would be inconsistent with the purposes of Advisers Act section 203A(a)(2), as amended by section 410 of the Dodd-Frank Act. ...

Ngày tải lên: 16/03/2014, 14:21

... paper are those of the authors and do not necessarily reect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Abstract The rapid growth of the market-based ... explicit backstops from the U.S. Treasury in the form of credit lines prior to their conservatorship in 2008. However, these liquidity backstops were very small compared to the size of their balance ... non-recipients of official liquidity. These entities failed too early on in the crisis to benefit from the liquidity facilities rolled out in the wake of the bankruptcy of Lehman Brothers, and their demise...

Ngày tải lên: 22/03/2014, 21:20

... emergency powers. One of the major changes of the Dodd Frank act is to limit the ability of Treasury and the Fed to create such facilities in the future on order to reduce the potential for moral ... reform is to reduce the fragility of these institutions and their susceptibility to runs, the rapid flight of investors, which can destabilize the broader financial system. To date, the Securities ... “breaking the buck”. The susceptibility of MMMFs to runs is illustrated in the aftermath of the failure of Lehman in September 2008 when a standalone MMMF the Reserve Fund broke the buck. In the...

Ngày tải lên: 22/03/2014, 21:20

... get bid up by the amount that the money supply increases regardless of the fraction of traders in the economy, because the quantity of the endowment is constant. The determination of nominal interest ... ex- pected to happen to money in the future. According to the model, if the money stock is changed today, but future money growth rates are not expected to change, then in- terest rates move in the ... anidenticalendowmentyof goods at the beginning of each period. Goods are assumed to be perishable; that is, they disappear at the end of the period if not consumed before then. Agents are assumed to be unable to...

Ngày tải lên: 22/03/2014, 23:20

... those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. The Federal Reserve s Commercial Paper Funding Facility Tobias ... discount window to the custodian bank, which then transferred the loan amount to the SVP to fund the purchases. At maturity, the transaction unwound this way: The issuer paid the CPFF LLC the loan ... into it. Thus, the two facilities addressed slightly different needs. The AMLF was launched by the Federal Reserve on September 19, 2008. The Federal Reserve Bank of Boston was authorized to...

Ngày tải lên: 23/03/2014, 12:21