全球智库信息集成服务系统(G2TT): Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21684
来源ID	Working Paper 21684
	Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System
	Charles W. Calomiris; Matthew Jaremski; Haelim Park; Gary Richardson
发表日期	2015-11-02
出版年	2015
语种	英语
摘要	Reducing systemic liquidity risk related to seasonal swings in loan demand was one reason for the founding of the Federal Reserve System. Existing evidence on the post-Federal Reserve increase in the seasonal volatility of aggregate lending and the decrease in seasonal interest rate swings suggests that it succeeded in that mission. Nevertheless, less than 8 percent of state-chartered banks joined the Federal Reserve in its first decade. Some have speculated that nonmembers could avoid higher costs of the Federal Reserve’s reserve requirements while still obtaining access indirectly to the Federal Reserve discount window through contacts with Federal Reserve members. We find that individual bank attributes related to the extent of banks’ ability to mitigate seasonal loan demand variation predict banks’ decisions to join the Federal Reserve. Consistent with the notion that banks could obtain indirect access to the discount window through interbank transfers, we find that a bank’s position within the interbank network (as a user or provider of liquidity) predicts the timing of its entry into the Federal Reserve System and the effect of Federal Reserve membership on its lending behavior. We also find that indirect access to the Federal Reserve was not as good as direct access. Federal Reserve member banks saw a greater increase in lending than nonmember banks.
主题	Financial Economics ; Financial Institutions ; History ; Financial History
URL	https://www.nber.org/papers/w21684
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579359
推荐引用方式 GB/T 7714	Charles W. Calomiris,Matthew Jaremski,Haelim Park,et al. Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System. 2015.