the federal reserve bank of st louis

... 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) ... for deleveragingbyhouseholdsaddsafurtherreasontodoubtthatultraeasymonetarypolicycan sustainablystimulate the realeconomy. Norisitdifficulttofindevidencefor the buildup of horizontal(sectorialmalinvestments)during the last upswing of the credit cycle. The most obvious example is seen in the construction industryinmanycountries,mostlybutnotexclusivelyinthe...

Ngày tải lên: 22/03/2014, 23:20

... Sources of Bank Reserves Figure 5 illustrates the link between the size of the Federal Reserve s liquidity facilities and the quantity of reserves in the banking system. The top half of this ... Skeie. The views expressed in this paper are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. 11 Sources of ... increase in bank reserves need not be inflationary, because the payment of interest on reserves allows the Federal Reserve to adjust short-term interest rates independently of the level of reserves. Key...

Ngày tải lên: 16/02/2014, 12:20

... restructuring of the banking system, a gradual open- ing to foreign investment, the partial privatization of state-owned banking institutions, and measures to strengthen the capitalization of ... 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 ... in the Asia Pacific region. The views expressed in this publication are solely that of the author and do not necessarily represent the position of the Federal Reserve System. V ietnam’s banking...

Ngày tải lên: 06/03/2014, 10:20

... in the previous period and on the two-period lag of the output gap. The verticality of the aggregate supply is imposed by the restriction that the sum of the lagged inflation parameters and of ... the statistical non- significance of the real interest rate coefficient in the aggregate supply equation. Another result that is noteworthy concerns the effect of the terms of trade gap on the ... demonstrate absence of autocorrelation and of conditional heteroskedasticity for system errors. On the other hand, the JB test showed that the residuals of the three equations are normally distributed...

Ngày tải lên: 15/03/2014, 14:20

... credit to AIG, and other Fed assets. Liabilities: Other—Reverse repos, Treasury cash holdings, and deposits with Federal Reserve Banks other than reserve balances and excluding the Supplementary ... Federal Reserve Summary The balance sheet remained little changed, decreasing by $9 billion for the week ended September 15. Bank reserve balances decreased $118 billion, offset ... 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

... tobias.adrian@ny.frb.org). The views expressed in this 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 ... identify the three distinct subgroups of the shadow banking system. These are: (1) the government-sponsored shadow banking sub-system; (2) the “internal” shadow banking sub-system; and (3) the “external” ... banking, and an estimate of the size of shadow banking activity. Section 3 discusses the seven steps of the shadow credit intermediation process. Section 4 is by far the longest section of the...

Ngày tải lên: 22/03/2014, 21:20

... those of the authors and are not necessar- ily reective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Federal ... during the crisis is the role of re-hypothecation of collateral by dealers. Singh and Aitken (2009) investigate the role of re-hypothecation in the shadow banking system. Re-hypothecation is the ... support of FHLB liabilities by the US Government. The secured nature of an advance, as well as the lien the Federal Home Loan Bank has on the other assets of the borrower, means that the claims of...

Ngày tải lên: 22/03/2014, 21:20

Ngày tải lên: 22/03/2014, 23:20

Ngày tải lên: 29/03/2014, 13:20

Ngày tải lên: 29/03/2014, 13:20

Ngày tải lên: 29/03/2014, 20:20

... FRB St. Louis 314-444-8444 In Plain English is published by the Federal Reserve Bank of St. Louis on behalf of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM B efore we dig into the ... www.frbatlanta.org Federal Reserve Bank of Boston www.bos.frb.org Federal Reserve Bank of Chicago www.chicagofed.org Federal Reserve Bank of Cleveland www.clevelandfed.org Federal Reserve Bank of Dallas www.dallasfed.org Federal ... 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 bank, ...

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 ... based on the estimated value of the borrower’s home at the time of the servicer’s error reduced by the amount the borrower still owes on the property. The estimated value of the borrower’s ... http://www.fhfa.gov/Default.aspx?Page=14) to the date of the error will be used; or (iii) If there is no more recent appraisal or BPO available since the origination of the loan, the estimated value of the home at the time of error...

Ngày tải lên: 17/02/2014, 21:20

... review 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 ... consistent with the banking organization’s established risk appetite. A banking organization should review the results of its various stress tests with the strengths and limitations of each test ... 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...

Ngày tải lên: 06/03/2014, 03:20

... irrespective of the amount of the loan. However, the larger the loan, the larger the amount of the repayment installment, and a large installment may strain the repayment capacity of the borrower ... the scope of the proposed Act, and are infact regulated by Reserve Bank. b) Therefore, the organisations which are not regulated by the Reserve Bank account for an estimated 8% of the outstanding ... b) There has, therefore, to be a linkage between the amount of the loan and the tenure of the loan. It is, therefore, suggested that for loans not exceeding Rs. 15,000, the tenure of the loan...

Ngày tải lên: 15/03/2014, 14:20

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Ngày tải lên: 30/10/2014, 17:32

Ngày tải lên: 31/10/2014, 00:08