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Provision of liquidity through the primary credit facility during the financial crisis: a structural analysis

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  • Erhan Artuç
  • Selva Demiralp

Abstract

Professors Erhan Artuç and Selva Demiralp of Koç University, Turkey, investigate whether changes to the Federal Reserve’s discount window borrowing facility represent a shift in how the nation’s central bank traditionally provided liquidity through the primary credit facility as well as whether the Fed would benefit from retaining these changes indefinitely. Presented at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve Bank of New York, February 19-20, 2009.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Economic Policy Review.

Volume (Year): (2010)
Issue (Month): Aug ()
Pages: 43-53

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Handle: RePEc:fip:fednep:y:2010:i:aug:p:43-53:n:v.16no.1

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Keywords: Banks and banking; Central ; Liquidity (Economics) ; Bank liquidity ; Credit ; Discount window ; Bank reserves;

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  1. Artuç, Erhan & Demiralp, Selva, 2010. "Discount window borrowing after 2003: The explicit reduction in implicit costs," Journal of Banking & Finance, Elsevier, vol. 34(4), pages 825-833, April.
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Cited by:
  1. Elizabeth Klee, 2011. "The first line of defense: the discount window during the early stages of the financial crisis," Finance and Economics Discussion Series 2011-23, Board of Governors of the Federal Reserve System (U.S.).
  2. Mauricio Calani C. & Kevin Cowan L. & Pablo García S., 2010. "Inflation Targeting in Financially Stable Economies: Has it been Flexible Enough?," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 13(2), pages 11-50, August.
  3. Kotaro Ishi & Kenji Fujita & Mark R. Stone, 2011. "Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far," IMF Working Papers 11/145, International Monetary Fund.
  4. Spence Hilton & James McAndrews, 2011. "Challenges and lessons of the Federal Reserve's monetary policy operations during the financial crisis," Chapters, European Central Bank.
  5. Yacine Aït-Sahalia & Jochen Andritzky & Andreas Jobst & Sylwia Nowak & Natalia Tamirisa, 2010. "Market Response to Policy Initiatives during the Global Financial Crisis," NBER Working Papers 15809, National Bureau of Economic Research, Inc.
  6. International Monetary Fund, 2009. "How to Stop a Herd of Running Bears? Market Response to Policy Initiatives During the Global Financial Crisis," IMF Working Papers 09/204, International Monetary Fund.
  7. Mark R. Stone & Etienne B. Yehoue & Kotaro Ishi, 2009. "Unconventional Central Bank Measures for Emerging Economies," IMF Working Papers 09/226, International Monetary Fund.

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