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the federal reserve bank of st louis

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute - Ultra Easy Monetary Policy and the Law of Unintended Consequences* pptx

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute - Ultra Easy Monetary Policy and the Law of Unintended Consequences* pptx

Ngân hàng - Tín dụng

... 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...
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Tài liệu Federal Reserve Bank of New York Staff Reports - Why Are Banks Holding So Many Excess Reserves? doc

Tài liệu Federal Reserve Bank of New York Staff Reports - Why Are Banks Holding So Many Excess Reserves? doc

Ngân hàng - Tín dụng

... 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...
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ASIA FOCUS: FEDERAL RESERVE BANK OF SAN FRANCISCO pptx

ASIA FOCUS: FEDERAL RESERVE BANK OF SAN FRANCISCO pptx

Ngân hàng - Tín dụng

... 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...
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Preferences of the Central Reserve Bank of Peru and optimal monetary policy rules in the inflation targeting regime ppt

Preferences of the Central Reserve Bank of Peru and optimal monetary policy rules in the inflation targeting regime ppt

Ngân hàng - Tín dụng

... 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...
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FEDERAL RESERVE BANK OF ATLANTA: Financial Highlights pdf

FEDERAL RESERVE BANK OF ATLANTA: Financial Highlights pdf

Tài chính doanh nghiệp

... 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...
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Federal Reserve Bank of New York Staff Reports: Shadow Banking ppt

Federal Reserve Bank of New York Staff Reports: Shadow Banking ppt

Ngân hàng - Tín dụng

... 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...
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Federal Reserve Bank of New York Staff Reports: Shadow Banking Regulation pdf

Federal Reserve Bank of New York Staff Reports: Shadow Banking Regulation pdf

Ngân hàng - Tín dụng

... 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...
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Federal Reserve Bank of Minneapolis Quarterly Review: Money and Interest Rates docx

Federal Reserve Bank of Minneapolis Quarterly Review: Money and Interest Rates docx

Ngân hàng - Tín dụng

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Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx

Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx

Ngân hàng - Tín dụng

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Federal Reserve Bank of New York Staff Reports: What Fiscal Policy Is Effective at Zero Interest Rates? pot

Federal Reserve Bank of New York Staff Reports: What Fiscal Policy Is Effective at Zero Interest Rates? pot

Ngân hàng - Tín dụng

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Federal Reserve Bank of Minneapolis Research Department Staff Report 328: Business Cycle Accounting potx

Federal Reserve Bank of Minneapolis Research Department Staff Report 328: Business Cycle Accounting potx

Kế toán - Kiểm toán

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Tài liệu IN PLAIN ENGLISH: MAKING SENSE OF THE FEDERAL RESERVE pptx

Tài liệu IN PLAIN ENGLISH: MAKING SENSE OF THE FEDERAL RESERVE pptx

Ngân hàng - Tín dụng

... FRB St. Louis 314-444-8444In Plain English is published by the Federal Reserve Bank of St. Louis on behalf of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM Before 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, ...
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Tài liệu Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System pptx

Tài liệu Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System pptx

Tài chính doanh nghiệp

... 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...
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Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency potx

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency potx

Ngân hàng - Tín dụng

... 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...
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Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector doc

Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector doc

Ngân hàng - Tín dụng

... 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...
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Secrets of the federal reserve

Secrets of the federal reserve

Chuyên ngành kinh tế

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the global curse of the federal reserve; manifesto for a second monetarist revolution (2011)

the global curse of the federal reserve; manifesto for a second monetarist revolution (2011)

Ngân hàng - Tín dụng

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the monetary policy of the federal reserve (2008)

the monetary policy of the federal reserve (2008)

Ngân hàng - Tín dụng

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Willis the federal reserve a study of the banking system of the united states (1915)

Willis the federal reserve a study of the banking system of the united states (1915)

Ngân hàng - Tín dụng

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groseclose - america's money machine; the story of the federal reserve (1980)

groseclose - america's money machine; the story of the federal reserve (1980)

Tài chính doanh nghiệp

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