演講者簡介 : Professor Selman Erol received his PhD from the University of Pennsylvania in 2016. He is currrently an Assistant Professor at the Carnegie Mellon University. His research interests are Financial Intermediation and Stability, Network Formation and Regulation.
演講摘要 : We study how the provision of public liquidity affects the role and structure of the banking system by analyzing the change of portfolios and interbank relationships of nonmember (“shadow”) banks upon the creation of the U.S. Federal Reserve. Using unique data on the payments and funding networks of Virginia state banks, we document that the funding role of the interbank system became more important, and its payments role less important. In addition, interbank relationships became less centralized. Based on these findings, we develop a model to assess how public liquidity provision affects banking stability.
