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

Our Price: $25.00
By Adam Ashcraft (au); Morten L. Bech (au); W. Scott Frame (au)
Year: 2009
Pages: 46
Binding Paperback

Product Code: 1437929869

The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied govít.-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. Documents the significant role played by the FHLB System at the outset of the ongoing financial crisis and then provides evidence about the uses of these funds by their bank and thrift members. Identifies the trade-offs faced by FHLB member-borrowers when choosing between accessing the FHLB System or the Fed. Reserveís discount window during the crisis. Describes the fragmented U.S. lender-of-last-resort framework and finds that additional clarity about the respective roles of the various liquidity facilities would be helpful.

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