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Published by: TBP_Think_Tank on Mar 27, 2014
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F󰁥󰁤󰁥󰁲󰁡󰁬 R󰁥󰁳󰁥󰁲󰁶󰁥 B󰁡󰁮󰁫 󰁯󰁦 N󰁥󰁷 Y󰁯󰁲󰁫
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S󰁰󰁥󰁣󰁩󰁡󰁬 I󰁳󰁳󰁵󰁥:
󰁨󰁥 S󰁴󰁡󰁢󰁩󰁬󰁩󰁴󰁹 󰁯󰁦 F󰁵󰁮󰁤󰁩󰁮󰁧 M󰁯󰁤󰁥󰁬󰁳
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E󰁤󰁩󰁴󰁯󰁲K󰁥󰁮󰁮󰁥󰁴󰁨 D. G󰁡󰁲󰁢󰁡󰁤󰁥C󰁯󰁥󰁤󰁩󰁴󰁯󰁲󰁳M󰁥󰁴󰁡 B󰁲󰁯󰁷󰁮 R󰁩󰁣󰁨󰁡󰁲󰁤 C󰁲󰁵󰁭󰁰 M󰁡󰁲󰁣󰁯 D󰁥󰁬 N󰁥󰁧󰁲󰁯 J󰁡󰁮 G󰁲󰁯󰁥󰁮 A󰁮󰁤󰁲󰁥󰁷 H󰁡󰁵󰁧󰁨󰁷󰁯󰁵󰁴 S󰁴󰁡󰁶󰁲󰁯󰁳 P󰁥󰁲󰁩󰁳󰁴󰁩󰁡󰁮󰁩
E󰁤󰁩󰁴󰁯󰁲󰁩󰁡󰁬 S󰁴󰁡󰁦󰁦V󰁡󰁬󰁥󰁲󰁩󰁥 L󰁡P󰁯󰁲󰁴󰁥 M󰁩󰁣󰁨󰁥󰁬󰁬󰁥 B󰁡󰁩󰁬󰁥󰁲 K󰁡󰁲󰁥󰁮 C󰁡󰁲󰁴󰁥󰁲 M󰁩󰁫󰁥 D󰁥 M󰁯󰁴󰁴 A󰁮󰁮󰁡 S󰁮󰁩󰁤󰁥󰁲P󰁲󰁯󰁤󰁵󰁣󰁴󰁩󰁯󰁮 S󰁴󰁡󰁦󰁦J󰁥󰁳󰁳󰁩󰁣󰁡 I󰁡󰁮󰁮󰁵󰁺󰁺󰁩 D󰁡󰁶󰁩󰁤 R󰁯󰁳󰁥󰁮󰁢󰁥󰁲󰁧 J󰁡󰁮󰁥 U󰁲󰁲󰁹Federal Reserve Bank of New York research publications—the
Economic Policy Review, Current Issues in Economics and Finance, Staff Reports, Research Update,
 and the annual publications catalogue—are available at no charge from the Research Group’s website.
www.newyorkfed.org/researchFollow us on Twitter:
F󰁥󰁤󰁥󰁲󰁡󰁬 R󰁥󰁳󰁥󰁲󰁶󰁥 B󰁡󰁮󰁫 󰁯󰁦 N󰁥󰁷 Y󰁯󰁲󰁫E󰁣󰁯󰁮󰁯󰁭󰁩󰁣 P󰁯󰁬󰁩󰁣󰁹 R󰁥󰁶󰁩󰁥󰁷
February 2014Volume 20 Number 1
 Financial intermediaries have an important role as liquidity providers—they perform maturity and liquidity transformation by issuing liquid, short-term liabilities while holding illiquid, long-term assets. But there is an inherent fragility associated with this role. Tis article provides a review of the economics literature on the stability of banks and other financial intermediaries, with a policy-oriented focus on their funding models. Yorulmazer employs the standard framework used in the literature to examine the fragility of intermediaries that conduct maturity and liquidity transformation. He then considers potential factors that make them more or less stable. Developments in the financial sector that may have affected the stability of funding models are also discussed.
Te 2007-09 financial crisis saw many funding mechanisms challenged by a drastic reduction in market liquidity, a sharp increase in the cost of transactions, and, in some cases, a drying-up in financing. Tis article presents case studies of several key financial markets and intermediaries
S󰁰󰁥󰁣󰁩󰁡󰁬 I󰁳󰁳󰁵󰁥: 󰁨󰁥 S󰁴󰁡󰁢󰁩󰁬󰁩󰁴󰁹 󰁯󰁦 F󰁵󰁮󰁤󰁩󰁮󰁧 M󰁯󰁤󰁥󰁬󰁳

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