Financial Crises, Payment System Problems, and Discount Window Lending

1996 ◽  
Vol 28 (4) ◽  
pp. 804 ◽  
Author(s):  
Mark J. Flannery
Keyword(s):  
Financial Crises ◽  
Payment System ◽  
Discount Window

scholarly journals The Fed's Discount Window in "Normal" Times

2021 ◽  
Vol 2021 (015) ◽  
pp. 1-72
Author(s):  
Huberto M. Ennis ◽  
◽  
Elizabeth Klee ◽  
Keyword(s):  
Financial Crises ◽  
Balance Sheet ◽  
Balance Sheets ◽  
Quarterly Data ◽  
Level Data ◽  
Discount Window ◽  
Transaction Level ◽  
Gain Access ◽  
The U.S

We study new transaction-level data of discount window borrowing in the U.S. between 2010 and 2017, merged with quarterly data on bank financial con- ditions (balance sheet and revenue). The objective is to improve our under- standing of the reasons for why banks use the discount window during periods outside financial crises. We also provide a model of the decision of banks to borrow at the window, which is helpful for interpreting the data. We find that decisions to gain access and to borrow at the discount window are meaning- fully correlated with some relevant banks' characteristics and the composition of banks' balance sheets. Banks choose simultaneously to obtain access to the discount window and hold more cash-like liquidity as a proportion of assets. Yet, conditional on access, larger and less liquid banks tend to borrow more from the discount window. In general, our findings suggest that banks could, in principle, adapt their operations to modulate, and possibly reduce, their use of the discount window in "normal" times.

Antitrust Law Amidst Financial Crises

2009 ◽  
Author(s):  
Ioannis Kokkoris ◽  
Rodrigo Olivares-Caminal
Keyword(s):  
Financial Crises ◽  
Antitrust Law

PROSPECTS FOR THE DEVELOPMENT OF THE LEGAL MECHANISM FOR THE FUNCTIONING OF PAYMENT SYSTEMS

2020 ◽  
Vol 13 (3) ◽  
pp. 079-084
Author(s):  
ELIZAVETA SALINA ◽  
Keyword(s):  
Legal Framework ◽  
Legal Regulation ◽  
Payment System ◽  
State University ◽  
Payment Systems ◽  
Proper Functioning ◽  
Money Transfer ◽  
Level Of Significance ◽  
Transfer Services ◽  
Legal Mechanism

1 Lomonosov Moscow State University, Moscow, Russia The presented research reveals an approach to the construction of a legal mechanism for the functioning of payment systems. The proposed approach is based on the application of the principles of legal regulation. The purpose of a work is to determine the existing legal mechanism for the functioning of payment systems, identify its drawbacks and propose a new approach to legal regulation to ensure the proper functioning of payment systems. The proposed approach to legal regulation takes into account the specifics of the functioning of payment systems, which consists in the presence of three elements in its activities: institutional, procedural and organizational. These elements reflect the subject structure of the payment system, the process of providing money transfer services by them, and the ways in which payment system entities interact during providing payment services. Each of the elements must be defined within the legal framework of the payment system to ensure its proper functioning. The proposed principles of legal regulation take into account the features of these elements, in particular, the principles are classified into three groups, depending on the element they affect. The paper describes ways to implement the principles in the legal mechanism: the possibility of their direct application, depending on the type of significance of the payment system, is analyzed. It is also concluded that the implementation of the principles in the legal mechanism will reduce the regulatory burden on payment systems by using an approach depending on the level of significance of the payment system. The paper defines the role of the principles, which is that the principles allow to eliminate the legal gaps in the legislation on the national payment system, and prevent the emergence of new gaps.

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