Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/60924 
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dc.contributor.authorAshcraft, Adam B.en
dc.contributor.authorBech, Morten L.en
dc.contributor.authorFrame, W. Scotten
dc.date.accessioned2010-04-30-
dc.date.accessioned2012-08-17T14:37:37Z-
dc.date.available2012-08-17T14:37:37Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/60924-
dc.description.abstractThe Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. In this paper, we document the significant role played by the FHLB System at the onset of the ongoing financial crises and then provide evidence on the uses of these funds by the System's bank and thrift members. Next, we identify the trade-offs faced by member-borrowers when choosing between accessing the FHLB System or the Federal Reserve's Discount Window during the crisis period. We conclude by describing the fragmented U.S. lender-of-last-resort framework and finding that additional clarity about the respective roles of the various liquidity facilities would be helpful.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x357en
dc.subject.jelE40en
dc.subject.jelE59en
dc.subject.jelG21en
dc.subject.jelG28en
dc.subject.ddc330en
dc.subject.keywordFederal Home Loan Banken
dc.subject.keywordgovernment-sponsored enterpriseen
dc.subject.keywordlender of last resorten
dc.subject.keywordliquidityen
dc.subject.stwHypothekenbanken
dc.subject.stwSpezialbanken
dc.subject.stwLender of Last Resorten
dc.subject.stwKreditgeschäften
dc.subject.stwFinanzmarktkriseen
dc.subject.stwUSAen
dc.titleThe Federal Home Loan Bank System: The lender of next-to-last resort?-
dc.typeWorking Paperen
dc.identifier.ppn59378622Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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