NBER Working Paper – Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities

Author(s):Anusha Chari Date:April 2023 Abstract: Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly open-end mutual funds and ETFs, accounts for nearly half of the external financing flows to emerging markets exceeding cross-border lending by global banks. Evidence suggests that investment fund flows enhance risk-sharing across borders and provide emerging markets[…]

NBER Working Paper – Climate Stress Testing

Author(s):Viral V. Acharya, Richard Berner, Robert F. Engle III, Hyeyoon Jung, Johannes Stroebel, Xuran Zeng & Yihao Zhao Date:April 2023 Abstract: We explore the design of climate stress tests to assess and manage macro-prudential risks from climate change in the financial sector. We review the climate stress scenarios currently employed by regulators, highlighting the need[…]

ECB Working Paper – Do non-banks need access to the lender of last resort? Evidence from fund runs

Author(s):Johannes Breckenfelder, Marie Hoerova Date:April 2023 Abstract: Are central bank tools effective in reaching non-banks with no access to the lender-of-last-resort facilities? Using runs on mutual funds in March 2020 as a laboratory, weshow that, following the announcement of large-scale purchases, funds with higher exante shares of assets eligible for central bank purchases saw their[…]

April 2023: Macroprudential policies are effective, with limited side effects – but open questions remain

By Gaston Gelos, Maria Soledad Martinez Peria, Erlend Nier, Fabian Valencia While many emerging economies have been using macroprudential policy tools for some time, their use to safeguard financial stability was only embraced more widely in response to the global financial crisis. This column takes stock of what we have learned about macroprudential policy, and[…]

Community Banking Research Conference 2023

CfP Deadline Date:June 2, 2023 Conference Event:October 4-5, 2023 Event Location:St. Louis, United States Organizer(s):Federal Reserve Bank of St. Louis Description: Submission: Paper Submission Procedure: Submissions should be submitted using the following link: https://frbstlspra.gov1.qualtrics.com/jfe/form/SV_9ADcXtjmw2AMQke. The deadline to submit a detailed abstract or completed paper is by end of day on Friday, June 2, 2023. There[…]