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来源类型Working Paper
规范类型报告
DOI10.3386/w27491
来源IDWorking 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
URLhttps://www.nber.org/papers/w27491
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585163
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GB/T 7714
Ricardo Correa,Wenxin Du,Gordon Y. Liao. U.S. Banks and Global Liquidity. 2020.
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