Most Recent Articles from Federal Reserve Bank of Cleveland. Economic Commentary

• Credit Default Swaps and Their Market Function 

  Credit derivative instruments allow default risk to be segregated from debt of all kinds. They have granted investors the ability to hedge their...

  07/01/09 by Cherny, Kent; Craig, Ben R · More from publication

• Check Is Dead! Long Live the Check! A Check 21 Update, The 

  Check 21 legislation has enabled the check clearing system to transform from paper to electronics, and much more rapidly than some had predicted....

  06/01/09 by Bauer, Paul W; Gerdes, Geoffry R · More from publication

• Ten Myths about Subprime Mortgages 

  On close inspection, many of the most popular explanations for the subprime crisis turn out to be myths. Empirical research shows that the causes...

  05/01/09 by Demyanyk, Yuliya · More from publication

• Replacing the Dollar with Special Drawing Rights-Will It Work This Time? 

  The head of China's central bank is calling for countries to replace the U.S. dollar as an international reserve currency with something called...

  03/01/09 by Humpage, Owen F · More from publication

• Effective Practices in Crisis Resolution and the Case of Sweden 

  The current financial crisis is a painful reminder that the developed world is not yet immune to these devastating shocks. But while we haven't...

  02/01/09 by Ergungor, O Emre; Cherny, Kent · More from publication

• Adjustable-Rate Mortgages and the Libor Surprise 

  Adjustable-rate mortgages have typically been tied to either of two indexes, one based on U.S. treasuries, the other on the London interbank...

  01/01/09 by Schweitzer, Mark; Venkatu, Guhan · More from publication

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