TAILIEUCHUNG - The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?

Gender analysis is improving the quality of the World Bank’s adjust- ment and programmatic lending operations in a number of areas essential to growth and poverty reduction, including protection for displaced workers, access to land, and discrimination in the rural labor market. For example: The Vietnam Poverty Reduction Support Credit has been particular- ly strong in analyzing the likely gender impacts of state-owned enter- prise reform, and integrating this analysis into the design of safety net provisions for displaced workers. The gender analysis for the credit focused on women and men as separate stakeholders on whom the reform might have different impacts. It found that men are more like- ly. | Federal Reserve Bank of New York Staff Reports The Federal Home Loan Bank System The Lender of Next-to-Last Resort Adam B. Ashcraft Morten L. Bech W. Scott Frame Staff Report no. 357 November 2008 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Federal Home Loan Bank System The Lender of Next-to-Last Resort Adam B. Ashcraft Morten L. Bech and W. Scott Frame Federal Reserve Bank of New York Staff Reports no. 357 November 2008 JEL classification E40 E59 G21 G28 Abstract The 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 . lender-of-last-resort framework and finding that additional clarity about the respective roles of the various liquidity facilities would be helpful. Key words Federal Home Loan Bank government-sponsored enterprise lender of last resort liquidity Ashcraft Federal Reserve Bank of New York e-mail . Bech Federal Reserve Bank of New York e-mail . Frame Federal Reserve Bank of Atlanta e-mail .The authors are thankful for the helpful comments .

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