Large value payment and securities settlement systems are important components of an economy's nancial system. Many such systems are operated by central banks and are liquidity intensive. Central banks often provide inexpensive liquidity to facilitate settlement. This leads to a number of policy questions about the provision of such liquidity. To answer these questions, central banks need to un...

A dramatic and virtually unprecedented shift in the portfolio structure of U.S. commercial banks has taken place since 1989. Specifically, government securities as a share of total loans has risen from 15 percent in 1989 to more than 22 percent today. This portfolio shift has coincided with an important change in the financial regulatory structure. Bank regulators around the world agreed to a c...

Article history: Received 6 April 2007 Received in revised form 19 September 2008 Accepted 19 September 2008 Available online 11 October 2008 We examine investment banks' networking function in capital markets, using a sample of Private Investments in Public Equity (PIPEs). We argue that investment banks develop relationships with investors through repeat dealings, and that investment banks' ne...

The joint existence of a lender of last resort and of a stock market is usually considered the sign of a developed financial infrastructure. This paper analyzes whether a securities market may play a role similar to that of a lender of last resort by being of assistance to a bank, which faces possible liquidity shortages. We examine which of these two institutions best prevents a bank’s liquidi...

The authors exploit the duality between the directional output price distance function and the maximal revenue function to estimate the price efficiency of Japanese securities firms during 2000 to 2007, a period in which securities firms faced greater competitive pressures. The directional output price distance function gives the maximum feasible addition to output prices, given inputs and a re...

This paper provides a model of the view that the 2008 financial crisis is reminiscent of a bank run, focussing on six stylized key features. In particular, core financial institutions have invested their funds in asset-backed securities rather than committed to long-term projects: in distress, these can potentially be sold to a large pool of outside investors at steep discounts. I consider two ...

This research aims to test the effect of responsibilities Sharia Supervisory Board, Compliance, issuance securities, and size Board Commissioners on level disclosure Islamic Social Reporting at Banks in Indonesia. study used descriptive correlational quantitative methods. The method data collection is use secondary sources, terms way this uses techniques with documents form annual financial sta...