Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/60924
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dc.contributor.authorAshcraft, Adam B.en_US
dc.contributor.authorBech, Morten L.en_US
dc.contributor.authorFrame, W. Scotten_US
dc.date.accessioned2010-04-30en_US
dc.date.accessioned2012-08-17T14:37:37Z-
dc.date.available2012-08-17T14:37:37Z-
dc.date.issued2008en_US
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_US
dc.language.isoengen_US
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen_US
dc.relation.ispartofseries|aStaff Report, Federal Reserve Bank of New York |x357en_US
dc.subject.jelE40en_US
dc.subject.jelE59en_US
dc.subject.jelG21en_US
dc.subject.jelG28en_US
dc.subject.ddc330en_US
dc.subject.keywordFederal Home Loan Banken_US
dc.subject.keywordgovernment-sponsored enterpriseen_US
dc.subject.keywordlender of last resorten_US
dc.subject.keywordliquidityen_US
dc.subject.stwHypothekenbanken_US
dc.subject.stwSpezialbanken_US
dc.subject.stwLender of Last Resorten_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwUSAen_US
dc.titleThe Federal Home Loan Bank System: The lender of next-to-last resort?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn59378622Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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