NDLI: Interbank Networks in the Shadows of the Federal Reserve Act

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Interbank Networks in the Shadows of the Federal Reserve Act

Content Provider	Scilit
Author	Anderson, Haelim Erol, Selman Ordoñez, Guillermo
Copyright Year	2019
Description	Journal: Ssrn Electronic Journal Central banks provide public liquidity (through lending facilities and promises of bailouts) with the intent to stabilize the financial system. Even though this provision is restricted to member (regulated) banks, an interbank system can provide indirect access to nonmember (shadow) banks. We construct a model to understand how a banking network may change in the presence of central bank interventions and how those changes affect financial fragility. We provide evidence showing that the introduction of the Fed’s liquidity provision in 1913 increased systemic risk through three channels; it reduced aggregate liquidity, created a new source of financial contagion, and crowded out private insurance for smoothing cross-regional liquidity shocks (manifested through the geographic concentration of networks).
Related Links	https://economicdynamics.org/meetpapers/2019/paper_1285.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3367203
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3367203
Journal	Ssrn Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-04-10
Access Restriction	Open
Subject Keyword	Journal: Ssrn Electronic Journal Dual Banking System Federal Reserve Act Shadow Banking Interbank Networks Systemic Risk
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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