Find our research on the financial system by keyword, author, content type, JEL code, topic or date of publication.
452
result(s)
Rollover Risk, Liquidity and Macroprudential Regulation
Staff Working Paper 2014-23
Toni Ahnert
I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial system regulation and policies
JEL Code(s):
G,
G0,
G01,
G1,
G11,
G2,
G28
Understanding the Cash Demand Puzzle
Staff Working Paper 2014-22
Janet Hua Jiang,
Enchuan Shao
We develop a model to explain a puzzling trend in cash demand in recent years: the value of bank notes in circulation as a percentage of GDP has remained stable despite decreasing cash usage at points of sale owing to competition from alternative means of payment such as credit cards.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Credit and credit aggregates,
Digital currencies and fintech
JEL Code(s):
E,
E4,
E41,
E5,
E51
Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data
Staff Working Paper 2014-20
John Bagnall,
David Bounie,
Kim Huynh,
Anneke Kosse,
Tobias Schmidt,
Scott Schuh,
Helmut Stix
We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods,
Financial services
JEL Code(s):
D,
D1,
D12,
E,
E4,
E41,
E5,
E58
High-Frequency Trading Competition
Staff Working Paper 2014-19
Jonathan Brogaard,
Corey Garriott,
Anna Pomeranets
We analyze trading dynamics as successive high-frequency trading (HFT) firms begin to trade stocks in an equity market. Entrants compete with incumbents for volume, and there is crowding out.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G14,
G2,
G20,
L,
L1
Interest on Cash, Fundamental Value Process and Bubble Formation on Experimental Asset Markets
Staff Working Paper 2014-18
Giovanni Giusti,
Janet Hua Jiang,
Yiping Xu
We study the formation of price bubbles on experimental asset markets where cash earns interest. There are two main conclusions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Financial markets,
Financial stability
JEL Code(s):
C,
C9,
C90,
G,
G1,
G10
E-Money: Efficiency, Stability and Optimal Policy
Staff Working Paper 2014-16
Jonathan Chiu,
Tsz-Nga Wong
What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E58,
L,
L5,
L51
The Efficiency of Private E-Money-Like Systems: The U.S. Experience with State Bank Notes
Staff Working Paper 2014-15
Warren E. Weber
In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
Electronic Money and Payments: Recent Developments and Issues
Staff Discussion Paper 2014-2
Ben Fung,
Miguel Molico,
Gerald Stuber
The authors review recent developments in retail payments in Canada and elsewhere, with a focus on e-money products, and assess their potential public policy implications.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42
Bond Risk Premia and Gaussian Term Structure Models
Staff Working Paper 2014-13
Bruno Feunou,
Jean-Sébastien Fontaine
Cochrane and Piazzesi (2005) show that (i) lagged forward rates improve the predictability of annual bond returns, adding to current forward rates, and that (ii) a Markovian model for monthly forward rates cannot generate the pattern of predictability in annual returns.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Interest rates
JEL Code(s):
E,
E4,
E43,
E47,
G,
G1,
G12