The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?

被引：48

作者：

Ashcraft, Adam ^{[1
]}

Bech, Morten L. ^{[1
]}

Frame, W. Scott ^{[2
]}

机构：

[1] Fed Reserve Bank New York, Res Dept, New York, NY 10045 USA

[2] Fed Reserve Bank Atlanta, Res Dept, Atlanta, GA USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2010年 / 42卷 / 04期

关键词：

government-sponsored enterprise; lender of last resort; liquidity;

D O I：

10.1111/j.1538-4616.2010.00299.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The Federal Home Loan Bank (FHLB) System is a large cooperatively owned government-sponsored liquidity facility that lends predominately to U.S. depository institutions. This paper documents the significant role played by the FHLB System at the outset of the recent financial crisis and provides evidence on the uses of FHLB funding by member banks and thrifts during that time. We then compare lending activity by the FHLB System and the Federal Reserve during 2007 and 2008, discuss the types of institutions seeking government-sponsored liquidity at various times, and identify the trade-offs faced by borrowers eligible to tap liquidity from both facilities.

引用

页码：551 / 583

页数：33

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