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| Financial Intermediation |
| Economists in the Financial Intermediation Function conduct research and policy-oriented analysis on a wide range of issues relating to financial intermediation and financial markets, including the behavior and health of financial institutions, innovations in financial markets, and the development of appropriate supervisory tools and techniques. |
| Features |
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| Provision and Pricing of Liquidity Insurance The inaugural International Journal of Central Banking (IJCB) spring conference, on the topic of Provision and Pricing of Liquidity Insurance, will be hosted by the Federal Reserve Bank of New York. The IJCB is initiating two series of annual research conferences that will bring together leading economists from central banks and academic institutions to consider issues of critical importance for policymaking. |
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| Banking Research Datasets The Federal Reserve Bank of New York would like to announce the publication of a historical mapping between CRSP PERMCO (R) and the regulatory entity code for banks and bank holding companies. This data set is available for download free of charge for public use. In lieu of using this link, researchers are typically forced to hand-match market data to regulatory data on the basis of institution name. Unfortunately, this process is time-consuming and mistake-prone. This data set is provided as a public service in order to reduce the time costs of using market data in banking research and to make it easier for researchers to replicate existing research. |
| Recent Articles |
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 Below the Line: Estimates of Negative Equity among Nonprime Mortgage BorrowersThe authors combine information from house price indexes with data on individual loans to estimate the prevalence and magnitude of negative equity across various dimensions, including the location of the property and the year in which the mortgage originated. By Andrew F. Haughwout and Ebiere Okah, Economic Policy Review, Forthcoming |
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 Globalized Banks: Lending to Emerging Markets in the CrisisAs banking has become more globalized, so too have the consequences of shocks originating in home and host markets. By Nicola Cetorelli and Linda S. Goldberg, Staff Reports 377, June 2009 |
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| Credit Quantity and Credit Quality: Bank Competition and Capital Accumulation This paper shows that bank competition has an intrinsically ambiguous effect on capital accumulation and economic growth. By Nicola Cetorelli and Pietro Peretto, Staff Reports 375, June 2009 |
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| Barriers to Household Risk Management: Evidence from India This paper studies the adoption of an innovative rainfall insurance product designed to compensate low-income Indian farmers in the event of insufficient rainfall during the primary monsoon season. By Shawn Cole, Xavier Gine, Jeremy Tobacman, Petia Topalova, Robert Townsend, and James Vickery, Staff Reports 373, May 2009 |
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| Bank Liquidity, Interbank Markets and Monetary Policy This paper studies the functioning of the interbank lending market and the optimal policy of a central bank in response to both idiosyncratic and aggregate shocks. By Xavier Freixas, Antoine Martin, and David Skeie, Staff Reports 371, May 2009 |
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| Precautionary Reserves and the Interbank Market The authors present empirical evidence on banks’ precautionary hoarding of reserves, their reluctance to lend, and extreme fed funds rate volatility. By Adam Ashcraft, James McAndrews, and David Skeie, Staff Reports 370, May 2009 |
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| The Impact of Tax Law Changes on Bank Dividend Policy, Sell-offs, Organizational Form, and Industry Structure This paper investigates the effect at the bank and industry level of a 1996 tax law change allowing commercial banks to elect S-corporation status. By Hamid Mehran and Michael Suher, Staff Reports 369, April 2009 |
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