Payment system disruptions and the federal reserve following September 11, 2001
| Autor: | Jeffrey M. Lacker |
|---|---|
| Rok vydání: | 2004 |
| Předmět: |
Finance
Economics and Econometrics business.industry media_common.quotation_subject Monetary policy Federal Reserve Economic Data Federal Reserve banks Payment systems Payment system Financial system Payment Shock (economics) Quantitative easing Terrorism Economics Monetary reform Payment order Daylight business media_common Discount window |
| Zdroj: | Journal of Monetary Economics. 51:935-965 |
| ISSN: | 0304-3932 |
| DOI: | 10.1016/j.jmoneco.2004.04.005 |
| Popis: | The monetary and payment system consequences of the September 11, 2001, terrorist attacks are reviewed and compared to selected U.S. banking crises. Interbank payment disruptions appear to be the central feature of all the crises reviewed. For some the initial trigger is a credit shock, while for others the initial shock is technological and operational, as in September 11, but for both types the payments system effects are similar. For various reasons, interbank payment disruptions appear likely to recur. Federal Reserve credit extension following September 11 succeeded in massively increasing the supply of banks’ balances to satisfy the disruption-induced increase in demand and thereby ameliorate the effects of the shock. Relatively benign banking conditions helped make Fed credit policy manageable. An interbank payment disruption that coincided with less favorable banking conditions could be more difficult to manage, given current daylight credit policies. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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