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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w27491 |
来源ID | Working Paper 27491 |
U.S. Banks and Global Liquidity | |
Ricardo Correa; Wenxin Du; Gordon Y. Liao | |
发表日期 | 2020-07-06 |
出版年 | 2020 |
语种 | 英语 |
摘要 | We characterize how U.S. global systemically important banks (GSIBs) supply short-term dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial Crisis regulatory environment and serve as the "lenders-of-second-to-last-resort". Using daily supervisory bank balance sheet information, we find that U.S. GSIBs modestly increase their dollar liquidity provision in response to dollar funding shortages, particularly at period-ends, when the U.S. Treasury General Account balance increases, and during the balance sheet taper of the Federal Reserve. The increase in the dollar liquidity provision is mainly financed by reducing excess reserve balances at the Federal Reserve. Intra-firm transfers between depository institutions and broker-dealer subsidiaries within the same bank holding company are crucial to this type of "reserve-draining" intermediation. Finally, we discuss factors that contributed to the repo spike in September 2019 and the subsequent response of U.S. GSIBs to recent policy interventions by the Federal Reserve. |
主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Institutions |
URL | https://www.nber.org/papers/w27491 |
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/585163 |
推荐引用方式 GB/T 7714 | Ricardo Correa,Wenxin Du,Gordon Y. Liao. U.S. Banks and Global Liquidity. 2020. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w27491.pdf(1289KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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