Center for Financial Innovation and Stability

The purpose of the Center for Financial Innovation and Stability is to improve knowledge of financial innovation and financial stability as well as the connection between the two, especially as it pertains to Federal Reserve policymaking.


Features
Liquidity Backstops and Dynamic Debt Runs

Liquidity Backstops and Dynamic Debt Runs

Two similar types of municipal debt had very different outcomes during the crisis based on whether they had a liquidity backstop. A new Notes from the Vault explains these differences and discusses their implications for shadow banks.
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Lessons for E-Money from the U.S. Experience with Bank Notes

Lessons for E-Money from the U.S. Experience with Bank Notes

Private banks issued the majority of the currency in the United States prior to 1933. A new Notes from the Vault draws on that experience to develop some implications for government policy regarding e-money.
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