메뉴 건너뛰기




Volumn 23, Issue 4, 2009, Pages 335-348

Liquidity risk, credit risk, and the Federal Reserve's responses to the crisis

Author keywords

Credit risk; Crisis; Liquidity facilities; The Federal Reserve

Indexed keywords


EID: 70350704651     PISSN: 15554961     EISSN: 1555497X     Source Type: Journal    
DOI: 10.1007/s11408-009-0116-z     Document Type: Article
Times cited : (22)

References (47)
  • 2
    • 55549084073 scopus 로고    scopus 로고
    • Imperfect competition in the inter-bank market for liquidity as a rationale for central banking
    • Working Paper, London Business School
    • Acharya, V., Gromb, D., Yorulmazer, T.: Imperfect competition in the inter-bank market for liquidity as a rationale for central banking. Working Paper, London Business School (2008).
    • (2008)
    • Acharya, V.1    Gromb, D.2    Yorulmazer, T.3
  • 3
    • 70350717252 scopus 로고    scopus 로고
    • The changing nature of financial intermediation and the Financial Crisis of 2007-2009
    • forthcoming
    • Adrian, T., Shin, H.: The changing nature of financial intermediation and the Financial Crisis of 2007-2009. Annu. Rev. (2009, forthcoming).
    • (2009) Annu. Rev.
    • Adrian, T.1    Shin, H.2
  • 5
    • 84871223264 scopus 로고    scopus 로고
    • The role of liquidity in financial crises
    • Proceedings of the 2008 Jackson Hole Conference, Federal Reserve Bank of Kansas City
    • Allen, F., Carletti, E.: The role of liquidity in financial crises. In: Maintaining Stability in a Changing Financial System, Proceedings of the 2008 Jackson Hole Conference, Federal Reserve Bank of Kansas City (2008).
    • (2008) Maintaining Stability in a Changing Financial System
    • Allen, F.1    Carletti, E.2
  • 6
    • 3142764049 scopus 로고    scopus 로고
    • Financial intermediaries and markets
    • Allen, F., Gale, D.: Financial intermediaries and markets. Econometrica 72(4), 1023-1061 (2004).
    • (2004) Econometrica , vol.72 , Issue.4 , pp. 1023-1061
    • Allen, F.1    Gale, D.2
  • 7
    • 68049107358 scopus 로고    scopus 로고
    • Interbank market liquidity and central bank intervention
    • Allen, F., Carletti, E., Gale, D.: Interbank market liquidity and central bank intervention. J. Monet. Econ. 56(5), 639-652 (2009).
    • (2009) J. Monet. Econ. , vol.56 , Issue.5 , pp. 639-652
    • Allen, F.1    Carletti, E.2    Gale, D.3
  • 9
    • 0001114148 scopus 로고
    • Nonmonetary effects of the financial crisis in the propagation of the great depression
    • Bernanke, B.: Nonmonetary effects of the financial crisis in the propagation of the great depression. Am. Econ. Rev. 73, 257-276 (1983).
    • (1983) Am. Econ. Rev. , vol.73 , pp. 257-276
    • Bernanke, B.1
  • 11
    • 84963086963 scopus 로고
    • The financial accelerator in a quantitative business cycle framework
    • Bernanke, B., Gertler, M.: The financial accelerator in a quantitative business cycle framework. Q. J. Econ. 105, 87-114 (1990).
    • (1990) Q. J. Econ. , vol.105 , pp. 87-114
    • Bernanke, B.1    Gertler, M.2
  • 12
    • 70350725146 scopus 로고    scopus 로고
    • Working Paper, Harvard University and MIT
    • Benmelech, E., Bergman, N.: Credit traps. Working Paper, Harvard University and MIT (2009).
    • (2009) Credit Traps
    • Benmelech, E.1    Bergman, N.2
  • 15
    • 85011655177 scopus 로고    scopus 로고
    • Deciphering the 2007-2008 liquidity and credit crunch
    • Brunnermeier, M.: Deciphering the 2007-2008 liquidity and credit crunch. J. Econ. Perspect. 23(1), 77-100 (2009).
    • (2009) J. Econ. Perspect. , vol.23 , Issue.1 , pp. 77-100
    • Brunnermeier, M.1
  • 16
    • 66249141764 scopus 로고    scopus 로고
    • Market liquidity and funding liquidity
    • Brunnermeier, M., Pedersen, L.: Market liquidity and funding liquidity. Rev. Financ. Stud. 22(6), 2201-2238 (2009).
    • (2009) Rev. Financ. Stud. , vol.22 , Issue.6 , pp. 2201-2238
    • Brunnermeier, M.1    Pedersen, L.2
  • 18
    • 70350736909 scopus 로고    scopus 로고
    • Capital constraints, counterparty risk and deviations from covered interest rate parity
    • Working Paper, The Federal Reserve Bank of New York
    • Coffey, N., Hrung, W., Sarkar, A.: Capital constraints, counterparty risk and deviations from covered interest rate parity. Working Paper, The Federal Reserve Bank of New York (2009).
    • (2009)
    • Coffey, N.1    Hrung, W.2    Sarkar, A.3
  • 19
    • 0031410051 scopus 로고    scopus 로고
    • Liquidity, banks, and markets
    • Diamond, D.: Liquidity, banks, and markets. J. Polit. Econ. 105(5), 928-956 (1997).
    • (1997) J. Polit. Econ. , vol.105 , Issue.5 , pp. 928-956
    • Diamond, D.1
  • 20
    • 85010390101 scopus 로고
    • Bank runs, deposit insurance and liquidity
    • Diamond, D., Dybvig, P.: Bank runs, deposit insurance and liquidity. J. Polit. Econ. 91(5), 401-419 (1983).
    • (1983) J. Polit. Econ. , vol.91 , Issue.5 , pp. 401-419
    • Diamond, D.1    Dybvig, P.2
  • 21
    • 16244364373 scopus 로고    scopus 로고
    • Liquidity shortages and banking crises
    • Diamond, D., Rajan, R.: Liquidity shortages and banking crises. J. Finance 60, 615-647 (2005).
    • (2005) J. Finance , vol.60 , pp. 615-647
    • Diamond, D.1    Rajan, R.2
  • 22
    • 33845291556 scopus 로고    scopus 로고
    • On the stability of different financial systems
    • Fecht, F.: On the stability of different financial systems. J. Eur. Econ. Assoc. 2(6), 969-1014 (2004).
    • (2004) J. Eur. Econ. Assoc. , vol.2 , Issue.6 , pp. 969-1014
    • Fecht, F.1
  • 23
    • 0039272301 scopus 로고    scopus 로고
    • Financial crises, payment system problems, and discount window lending
    • Flannery, M.J.: Financial crises, payment system problems, and discount window lending. J. Money Credit Bank. 28(4), 804-824 (1996).
    • (1996) J. Money Credit Bank. , vol.28 , Issue.4 , pp. 804-824
    • Flannery, M.J.1
  • 24
    • 70350725145 scopus 로고    scopus 로고
    • The term securities lending facility: Origin, design, and effects
    • Fleming, M.J., Hrung, W.B., Keane, F.H.: The term securities lending facility: origin, design, and effects. Curr. Issues Econ. Finance 15, 2 (2009).
    • (2009) Curr. Issues Econ. Finance , vol.15 , pp. 2
    • Fleming, M.J.1    Hrung, W.B.2    Keane, F.H.3
  • 25
    • 0348167852 scopus 로고    scopus 로고
    • Standing facilities and interbank borrowing: Evidence from the federal reserve's new discount window
    • Furfine, C.: Standing facilities and interbank borrowing: evidence from the federal reserve's new discount window. Int. Finance 6(3), 329-347 (2003).
    • (2003) Int. Finance , vol.6 , Issue.3 , pp. 329-347
    • Furfine, C.1
  • 26
    • 70350725144 scopus 로고    scopus 로고
    • Margin-based asset pricing and deviations from the law of one price
    • Working Paper, NYU and UC Berkeley
    • Garleanu, N., Pedersen, L.H.: Margin-based asset pricing and deviations from the law of one price. Working Paper, NYU and UC Berkeley (2009).
    • (2009)
    • Garleanu, N.1    Pedersen, L.H.2
  • 27
    • 84927046106 scopus 로고    scopus 로고
    • Liquidity, default and crashes: Endogenous contracts in general equilibrium
    • M. Dewatripont, L. P. Hansen, and S. J. Turnovsky (Eds.), Cambridge: Cambridge University Press
    • Geanakoplos, J.: Liquidity, default and crashes: endogenous contracts in general equilibrium. In: Dewatripont, M., Hansen, L.P., Turnovsky, S.J. (eds.) Advances in Economics and Econometrics: Theory and Applications II, Econometric Society Monographs: Eighth World Congress, vol. 2, pp. 170-205. Cambridge University Press, Cambridge (2003).
    • (2003) Advances in Economics and Econometrics: Theory and Applications II, Econometric Society Monographs: Eighth World Congress , vol.2 , pp. 170-205
    • Geanakoplos, J.1
  • 28
    • 0040959588 scopus 로고
    • Financial deregulation, monetary policy, and central banking
    • W. S. Haraf and R. M. Kushmeider (Eds.), Washington: American Enterprise Institute for Public Policy Research
    • Goodfriend, M., King, R.C.: Financial deregulation, monetary policy, and central banking. In: Haraf, W.S., Kushmeider, R.M. (eds.) Restructuring Banking and Financial Services in America. American Enterprise Institute for Public Policy Research, Washington (1988).
    • (1988) Restructuring Banking and Financial Services in America
    • Goodfriend, M.1    King, R.C.2
  • 29
    • 70350717253 scopus 로고    scopus 로고
    • The panic of 2007
    • Proceedings of the 2008 Jackson Hole Conference, Federal Reserve Bank of Kansas City, forthcoming
    • Gorton, G.: The panic of 2007. In: Maintaining Stability in a Changing Financial System, Proceedings of the 2008 Jackson Hole Conference, Federal Reserve Bank of Kansas City (2008, forthcoming).
    • (2008) Maintaining Stability in a Changing Financial System
    • Gorton, G.1
  • 30
    • 33748926941 scopus 로고    scopus 로고
    • Banking panics and the endogeneity of central banking
    • Gorton, G., Huang, L.: Banking panics and the endogeneity of central banking. J. Monet. Econ. 53(7), 1613-1629 (2006).
    • (2006) J. Monet. Econ. , vol.53 , Issue.7 , pp. 1613-1629
    • Gorton, G.1    Huang, L.2
  • 31
    • 70350729647 scopus 로고    scopus 로고
    • Securitized banking and the run on the repo
    • Yale ICF Working Paper No. 09-14
    • Gorton, G., Metrick, A.: Securitized banking and the run on the repo. Yale ICF Working Paper No. 09-14 (2009).
    • (2009)
    • Gorton, G.1    Metrick, A.2
  • 32
    • 84877149952 scopus 로고    scopus 로고
    • Equilibrium and welfare in markets with financial constrained arbitrageurs
    • Gromb, D., Vayanos, D.: Equilibrium and welfare in markets with financial constrained arbitrageurs. J. Financ. Econ. 66(2-3), 361-407 (2002).
    • (2002) J. Financ. Econ. , vol.66 , Issue.2-3 , pp. 361-407
    • Gromb, D.1    Vayanos, D.2
  • 33
    • 67650161120 scopus 로고    scopus 로고
    • A model of capital and crises
    • Working Paper, Northwestern University
    • He, Z., Krishnamurthy, A.: A model of capital and crises. Working Paper, Northwestern University (2008).
    • (2008)
    • He, Z.1    Krishnamurthy, A.2
  • 34
    • 70350718306 scopus 로고    scopus 로고
    • Liquidity hoarding and interbank market spreads: The role of counterparty risk
    • Working Paper, ECB
    • Heider, F., Hoerova, M., Holthausen, C.: Liquidity hoarding and interbank market spreads: the role of counterparty risk. Working Paper, ECB (2009).
    • (2009)
    • Heider, F.1    Hoerova, M.2    Holthausen, C.3
  • 35
    • 0031413974 scopus 로고    scopus 로고
    • Financial intermediation, loanable funds, and the real sector
    • Holmstrom, B., Tirole, J.: Financial intermediation, loanable funds, and the real sector. Q. J. Econ. 112(3), 663-691 (1997).
    • (1997) Q. J. Econ. , vol.112 , Issue.3 , pp. 663-691
    • Holmstrom, B.1    Tirole, J.2
  • 36
    • 20144363229 scopus 로고    scopus 로고
    • Private and public supply of liquidity
    • Holmstrom, B., Tirole, J.: Private and public supply of liquidity. J. Polit. Econ. 106, 1-40 (1998).
    • (1998) J. Polit. Econ. , vol.106 , pp. 1-40
    • Holmstrom, B.1    Tirole, J.2
  • 37
  • 38
    • 70350742242 scopus 로고    scopus 로고
    • Amplification mechanisms in liquidity crises
    • forthcoming
    • Krishnamurthy, A.: Amplification mechanisms in liquidity crises. Am. Econ. J., Macroecon. (2009a, forthcoming).
    • (2009) Am. Econ. J., Macroecon
    • Krishnamurthy, A.1
  • 39
    • 70350739319 scopus 로고    scopus 로고
    • Debt markets in the crises
    • forthcoming
    • Krishnamurthy, A.: Debt markets in the crises. J. Econ. Perspect. (2009b, forthcoming).
    • (2009) J. Econ. Perspect.
    • Krishnamurthy, A.1
  • 40
    • 70350708966 scopus 로고    scopus 로고
    • Segmentation in the US dollar money markets during the financial crisis
    • Working Paper, Federal Reserve Bank of New York
    • McAndrews, J.: Segmentation in the US dollar money markets during the financial crisis. Working Paper, Federal Reserve Bank of New York (2009).
    • (2009)
    • McAndrews, J.1
  • 41
    • 53349096468 scopus 로고    scopus 로고
    • The effect of the term auction facility on the London inter-bank offered rate
    • Staff Reports 335, Federal Reserve Bank of New York
    • McAndrews, J., Sarkar, A., Wang, Z.: The effect of the term auction facility on the London inter-bank offered rate. Staff Reports 335, Federal Reserve Bank of New York (2009).
    • (2009)
    • McAndrews, J.1    Sarkar, A.2    Wang, Z.3
  • 42
    • 0002789856 scopus 로고
    • Asymmetric information and financial crises: A historical perspective
    • G. Hubbard (Ed.), Chicago: The University of Chicago Press
    • Mishkin, F.S.: Asymmetric information and financial crises: a historical perspective. In: Hubbard, G. (ed.) Financial Markets and Financial Crises. The University of Chicago Press, Chicago (1991).
    • (1991) Financial Markets and Financial Crises
    • Mishkin, F.S.1
  • 43
    • 84871810696 scopus 로고    scopus 로고
    • Informational easing: Improving credit conditions through the release of information
    • forthcoming
    • Pritsker, M.: Informational easing: improving credit conditions through the release of information. Econ. Policy Rev. (2009, forthcoming).
    • (2009) Econ. Policy Rev.
    • Pritsker, M.1
  • 44
    • 17744368509 scopus 로고    scopus 로고
    • Coordination failures and the lender of last resort: Was bagehot right after all?
    • Rochet, J.-C., Vives, X.: Coordination failures and the lender of last resort: was bagehot right after all? J. Eur. Econ. Assoc. 2(6), 1116-1147 (2004).
    • (2004) J. Eur. Econ. Assoc. , vol.2 , Issue.6 , pp. 1116-1147
    • Rochet, J.-C.1    Vives, X.2
  • 45
    • 0002307601 scopus 로고    scopus 로고
    • The limits of arbitrage
    • Shleifer, A., Vishny, R.W.: The limits of arbitrage. J. Finance 52(1), 35-55 (1997).
    • (1997) J. Finance , vol.52 , Issue.1 , pp. 35-55
    • Shleifer, A.1    Vishny, R.W.2
  • 46
    • 69249228153 scopus 로고    scopus 로고
    • The financial crisis and the policy responses: An empirical analysis of what went wrong
    • NBER Working Paper No. 14631
    • Taylor, J.B.: The financial crisis and the policy responses: an empirical analysis of what went wrong. NBER Working Paper No. 14631 (2009).
    • (2009)
    • Taylor, J.B.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.