Details about Asani Sarkar

Homepage:	http://www.newyorkfed.org/research/economists/sarkar/pub.html
Phone:	212-720-8943
Postal address:	Research & Statistics, Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045
Workplace:	Research and Statistics Group, Federal Reserve Bank of New York, (more information at EDIRC)

Access statistics for papers by Asani Sarkar.

Last updated 2023-02-24. Update your information in the RePEc Author Service.

Short-id: psa20

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Working Papers

2025

1. Coexistence of Banks and Non-Banks: Intermediation Functions and Strategies
   Staff Reports, Federal Reserve Bank of New York
2. Discount Window Stigma After the Global Financial Crisis
   Liberty Street Economics, Federal Reserve Bank of New York
   Also in Staff Reports, Federal Reserve Bank of New York (2024)

2024

3. Are Nonbank Financial Institutions Systemic?
   Liberty Street Economics, Federal Reserve Bank of New York
4. Do Exchange‑Traded Products Improve Bitcoin Trading?
   Liberty Street Economics, Federal Reserve Bank of New York
5. Investor Attention to Bank Risk During the Spring 2023 Bank Run
   Staff Reports, Federal Reserve Bank of New York

2023

6. Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?
   Staff Reports, Federal Reserve Bank of New York View citations (2)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023) View citations (2)
7. Financial Fragility without Banks
   Liberty Street Economics, Federal Reserve Bank of New York
8. How Do Natural Disasters Affect Small Business Owners in the Fed’s Second District?
   Liberty Street Economics, Federal Reserve Bank of New York
9. Small Business Recovery after Natural Disasters in the Fed’s Second District
   Liberty Street Economics, Federal Reserve Bank of New York
10. The Recent Rise in Discount Window Borrowing
    Liberty Street Economics, Federal Reserve Bank of New York
11. What Drove Racial Disparities in the Paycheck Protection Program?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2022

12. Can Decentralized Finance Provide More Protection for Crypto Investors?
    Liberty Street Economics, Federal Reserve Bank of New York
13. Did Changes to the Paycheck Protection Program Improve Access for Underserved Firms?
    Liberty Street Economics, Federal Reserve Bank of New York
14. How Do Natural Disasters Affect U.S. Small Business Owners?
    Liberty Street Economics, Federal Reserve Bank of New York
15. Small Business Recovery after Natural Disasters
    Liberty Street Economics, Federal Reserve Bank of New York
16. The First Global Credit Crisis
    Liberty Street Economics, Federal Reserve Bank of New York

2021

17. Did Dealers Fail to Make Markets during the Pandemic?
    Liberty Street Economics, Federal Reserve Bank of New York
18. Did Subsidies to Too-Big-To-Fail Banks Increase during the COVID-19 Pandemic?
    Liberty Street Economics, Federal Reserve Bank of New York
19. Tailoring Regulations
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
20. Who Benefited from PPP Loans by Fintech Lenders?
    Liberty Street Economics, Federal Reserve Bank of New York
21. Who Received PPP Loans by Fintech Lenders?
    Liberty Street Economics, Federal Reserve Bank of New York

2020

22. COVID Response: The Term Asset-Backed Securities Loan Facility
    Staff Reports, Federal Reserve Bank of New York
23. Dealers and the Dealer of Last Resort: Evidence from the Agency MBS Markets in the COVID-19 Crisis
    Staff Reports, Federal Reserve Bank of New York
24. Did Too-Big-To-Fail Reforms Work Globally?
    Liberty Street Economics, Federal Reserve Bank of New York
25. MBS Market Dysfunctions in the Time of COVID-19
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
26. Securing Secured Finance: The Term Asset-Backed Securities Loan Facility
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
27. The COVID-19 Pandemic and the Fed’s Response
    Liberty Street Economics, Federal Reserve Bank of New York View citations (5)

2019

28. Creditor Recovery in Lehman’s Bankruptcy
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
29. Customer and Employee Losses in Lehman’s Bankruptcy
    Liberty Street Economics, Federal Reserve Bank of New York
30. Dealer Participation in the TSLF Options Program
    Liberty Street Economics, Federal Reserve Bank of New York
31. How Do Large Banks Manage Their Cash?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
32. How Much Value Was Destroyed by the Lehman Bankruptcy?
    Liberty Street Economics, Federal Reserve Bank of New York
33. Large Bank Cash Balances and Liquidity Regulations
    Liberty Street Economics, Federal Reserve Bank of New York
34. Lehman's Bankruptcy Expenses
    Liberty Street Economics, Federal Reserve Bank of New York
35. The Indirect Costs of Lehman’s Bankruptcy
    Liberty Street Economics, Federal Reserve Bank of New York

2018

36. Did Banks Subject to LCR Reduce Liquidity Creation?
    Liberty Street Economics, Federal Reserve Bank of New York
37. Is Stigma Attached to the European Central Bank's Marginal Lending Facility?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (3)
38. Is size everything?
    Staff Reports, Federal Reserve Bank of New York View citations (1)
39. Liquidity Regulations, Bank Lending, and Fire-Sale Risk
    Staff Reports, Federal Reserve Bank of New York View citations (6)
40. Options of Last Resort
    Liberty Street Economics, Federal Reserve Bank of New York

2017

41. Counterparty and Collateral Policies of Central Bank Lending Facilities
    Liberty Street Economics, Federal Reserve Bank of New York
42. Did Investor Sentiment Affect Credit Risk around the 2016 Election?
    Liberty Street Economics, Federal Reserve Bank of New York
43. The Role of Central Bank Lending Facilities in Monetary Policy
    Liberty Street Economics, Federal Reserve Bank of New York
44. The pre-crisis monetary policy implementation framework
    Staff Reports, Federal Reserve Bank of New York View citations (2)
    See also Journal Article The pre-crisis monetary policy implementation framework, Economic Policy Review, Federal Reserve Bank of New York (2018) View citations (5) (2018)
45. Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
    Liberty Street Economics, Federal Reserve Bank of New York

2016

46. How the Fed Smoothed Quarter-End Volatility in the Fed Funds Market
    Liberty Street Economics, Federal Reserve Bank of New York
47. Is Bitcoin Really Frictionless?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
48. Is There Discount Window Stigma in the United Kingdom?
    Liberty Street Economics, Federal Reserve Bank of New York
49. Why Did the Recent Oil Price Declines Affect Bond Prices of Non-Energy Companies?
    Liberty Street Economics, Federal Reserve Bank of New York

2015

50. History of Discount Window Stigma
    Liberty Street Economics, Federal Reserve Bank of New York

2014

51. Dealer financial conditions and lender-of-last resort facilities
    Staff Reports, Federal Reserve Bank of New York View citations (20)
    See also Journal Article Dealer financial conditions and lender-of-last-resort facilities, Journal of Financial Economics, Elsevier (2017) View citations (25) (2017)
52. The Failure Resolution of Lehman Brothers
    Liberty Street Economics, Federal Reserve Bank of New York View citations (8)
    See also Journal Article The failure resolution of Lehman Brothers, Economic Policy Review, Federal Reserve Bank of New York (2013) View citations (3) (2013)
53. The Growth of Murky Finance
    Liberty Street Economics, Federal Reserve Bank of New York

2013

54. Pick Your Poison: How Money Market Funds Reacted to Financial Stress in 2011
    Liberty Street Economics, Federal Reserve Bank of New York

2012

55. An analysis of OTC interest rate derivatives transactions: implications for public reporting
    Staff Reports, Federal Reserve Bank of New York View citations (6)
56. The European Debt Crisis and the Dollar Funding Gap
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
57. The Impact of Trade Reporting on the Interest Rate Derivatives Market
    Liberty Street Economics, Federal Reserve Bank of New York

2011

58. An analysis of CDS transactions: implications for public reporting
    Staff Reports, Federal Reserve Bank of New York View citations (39)
59. Did the Fed’s Term Auction Facility Work?
    Liberty Street Economics, Federal Reserve Bank of New York
60. Discount window stigma during the 2007-2008 financial crisis
    Staff Reports, Federal Reserve Bank of New York View citations (81)
    See also Journal Article Discount window stigma during the 2007–2008 financial crisis, Journal of Financial Economics, Elsevier (2015) View citations (43) (2015)
61. How Might Increased Transparency Affect the CDS Market?
    Liberty Street Economics, Federal Reserve Bank of New York
62. Is There Stigma to Discount Window Borrowing?
    Liberty Street Economics, Federal Reserve Bank of New York
63. Is there an S&P 500 index effect?
    Staff Reports, Federal Reserve Bank of New York

2010

64. Financial amplification mechanisms and the Federal Reserve's supply of liquidity during the crisis
    Staff Reports, Federal Reserve Bank of New York View citations (20)
    See also Journal Article Financial amplification mechanisms and the Federal Reserve’s supply of liquidity during the crisis, Economic Policy Review, Federal Reserve Bank of New York (2010) View citations (8) (2010)

2009

65. Are Market Makers Uninformed and Passive? Signing Trades in The Absence of Quotes
    Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (1)
    Also in Staff Reports, Federal Reserve Bank of New York (2009) View citations (1)
66. Capital constraints, counterparty risk, and deviations from covered interest rate parity
    Staff Reports, Federal Reserve Bank of New York View citations (83)
67. Credit default swap auctions
    Staff Reports, Federal Reserve Bank of New York View citations (8)
68. Liquidity risk, credit risk, and the Federal Reserve's responses to the crisis
    Staff Reports, Federal Reserve Bank of New York View citations (25)
    See also Journal Article Liquidity risk, credit risk, and the federal reserve’s responses to the crisis, Financial Markets and Portfolio Management, Springer (2009) View citations (32) (2009)

2008

69. Customer flow, intermediaries, and the discovery of the equilibrium riskfree rate
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (1)
70. The effect of the Term Auction Facility on the London inter-bank offered rate
    Staff Reports, Federal Reserve Bank of New York View citations (66)
    See also Journal Article The effect of the term auction facility on the London interbank offered rate, Journal of Banking & Finance, Elsevier (2017) View citations (22) (2017)

2007

71. Macro News, Riskfree Rates, and the Intermediary
    Tinbergen Institute Discussion Papers, Tinbergen Institute
72. Macro news, risk-free rates, and the intermediary: customer orders for thirty-year Treasury futures
    Staff Reports, Federal Reserve Bank of New York
73. Market sidedness: insights into motives for trade initiation
    Staff Reports, Federal Reserve Bank of New York View citations (1)
    See also Journal Article Market Sidedness: Insights into Motives for Trade Initiation, Journal of Finance, American Finance Association (2009) View citations (42) (2009)
74. The microstructure of cross-autocorrelations
    Staff Reports, Federal Reserve Bank of New York

2006

75. Two-sided markets and intertemporal trade clustering: insights into trading motives
    Staff Reports, Federal Reserve Bank of New York

2005

76. The Joint Dynamics of Liquidity, Returns, and Volatility Across Small and Large Firms
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA View citations (12)
    Also in Staff Reports, Federal Reserve Bank of New York (2005) View citations (7)

2004

77. Time-varying consumption correlation and the dynamics of the equity premium: evidence from the G-7 countries
    Staff Reports, Federal Reserve Bank of New York

2003

78. An empirical analysis of stock and bond market liquidity
    Staff Reports, Federal Reserve Bank of New York View citations (77)
79. Fifteen minutes of fame? The market impact of internet stock picks
    Staff Reports, Federal Reserve Bank of New York View citations (2)
    See also Journal Article Fifteen Minutes of Fame? The Market Impact of Internet Stock Picks, The Journal of Business, University of Chicago Press (2006) View citations (3) (2006)

2001

80. A Comparison of Trading Costs in the U.S. Municipal, Corporate, and Treasury Bond Market
    Purdue University Economics Working Papers, Purdue University, Department of Economics
81. An Empirical Analysis of Stock and Bond Market Liquidity: Forthcoming in the Review of Financial Studies
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA
82. Common determinants of bond and stock market liquidity: the impact of financial crises, monetary policy, and mutual fund flows
    Staff Reports, Federal Reserve Bank of New York View citations (6)

2000

83. Do Differences in Transparency Affect Trading Costs? Evidence from U.S. Corporate, Municipal and Treasury Bond Markets
    Purdue University Economics Working Papers, Purdue University, Department of Economics

1999

84. Assessing the impact of short-sale constraints on the gains from international diversification
    Staff Reports, Federal Reserve Bank of New York
85. Liquidity in U.S. fixed income markets: a comparison of the bid-ask spread in corporate, government and municipal bond markets
    Staff Reports, Federal Reserve Bank of New York View citations (37)

1998

86. An analysis of brokers' trading with applications to order flow internalization and off-exchange sales
    Research Paper, Federal Reserve Bank of New York View citations (2)
87. Do Brokers Misallocate Customer Trades? Evidence From Futures Markets
    Finance, University Library of Munich, Germany View citations (1)
88. Estimating the adverse selection and fixed costs of trading in markets with multiple informed traders
    Research Paper, Federal Reserve Bank of New York View citations (1)
89. Information asymmetry, market segmentation, and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares
    Research Paper, Federal Reserve Bank of New York View citations (93)
    See also Journal Article Information asymmetry, market segmentation and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares, Journal of International Financial Markets, Institutions and Money, Elsevier (1998) View citations (103) (1998)
90. Stock market crises in developed and emerging markets
    Research Paper, Federal Reserve Bank of New York View citations (32)

1997

91. A general model of brokers' trading, with applications to order flow internalization, insider trading and off-exchange block sales
    Research Paper, Federal Reserve Bank of New York
92. Can competition between brokers mitigate agency conflicts with their customers?
    Research Paper, Federal Reserve Bank of New York
    Also in Staff Reports, Federal Reserve Bank of New York (1997)
93. Estimating the adverse selection cost in markets with multiple informed traders
    Research Paper, Federal Reserve Bank of New York
94. Market liquidity and trader welfare in multiple dealer markets: evidence from dual trading restrictions
    Research Paper, Federal Reserve Bank of New York View citations (1)
    See also Journal Article Market Liquidity and Trader Welfare in Multiple Dealer Markets: Evidence from Dual Trading Restrictions, Journal of Financial and Quantitative Analysis, Cambridge University Press (1999) View citations (4) (1999)
95. Traders' broker choice, market liquidity and market structure
    Research Paper, Federal Reserve Bank of New York
    Also in Staff Reports, Federal Reserve Bank of New York (1997)

1996

96. Did the good guys lose?: heterogeneous traders and regulatory restrictions on dual trading
    Research Paper, Federal Reserve Bank of New York
97. Volatility and liquidity in futures markets
    Research Paper, Federal Reserve Bank of New York View citations (3)

1995

98. The costs and benefits of dual trading
    Staff Reports, Federal Reserve Bank of New York View citations (1)

Journal Articles

2022

1. The Term Asset-Backed Securities Loan Facility
   Economic Policy Review, 2022, 28, (1)

2018

2. The pre-crisis monetary policy implementation framework
   Economic Policy Review, 2018, (24-2), 38-70 View citations (5)
   See also Working Paper The pre-crisis monetary policy implementation framework, Staff Reports (2017) View citations (2) (2017)

2017

3. Dealer financial conditions and lender-of-last-resort facilities
   Journal of Financial Economics, 2017, 123, (1), 81-107 View citations (25)
   See also Working Paper Dealer financial conditions and lender-of-last resort facilities, Staff Reports (2014) View citations (20) (2014)
4. The effect of the term auction facility on the London interbank offered rate
   Journal of Banking & Finance, 2017, 83, (C), 135-152 View citations (22)
   See also Working Paper The effect of the Term Auction Facility on the London inter-bank offered rate, Staff Reports (2008) View citations (66) (2008)

2015

5. Discount window stigma during the 2007–2008 financial crisis
   Journal of Financial Economics, 2015, 118, (2), 317-335 View citations (43)
   See also Working Paper Discount window stigma during the 2007-2008 financial crisis, Staff Reports (2011) View citations (81) (2011)

2014

6. Components of U.S. financial sector growth, 1950-2013
   Economic Policy Review, 2014, (Dec), 59-83

2013

7. The failure resolution of Lehman Brothers
   Economic Policy Review, 2013, (Dec), 175-206 View citations (3)
   See also Working Paper The Failure Resolution of Lehman Brothers, Liberty Street Economics (2014) View citations (8) (2014)

2012

8. Customer Order Flow, Intermediaries, and Discovery of the Equilibrium Risk-Free Rate
   Journal of Financial and Quantitative Analysis, 2012, 47, (4), 821-849 View citations (16)

2011

9. Liquidity Dynamics and Cross-Autocorrelations
   Journal of Financial and Quantitative Analysis, 2011, 46, (3), 709-736 View citations (25)

2010

10. Financial amplification mechanisms and the Federal Reserve’s supply of liquidity during the crisis
    Economic Policy Review, 2010, 16, (Aug), 55-74 View citations (8)
    See also Working Paper Financial amplification mechanisms and the Federal Reserve's supply of liquidity during the crisis, Staff Reports (2010) View citations (20) (2010)

2009

11. Financial innovation and corporate default rates
    Proceedings, 2009, (Jan)
    See also Chapter Financial innovation and corporate default rates, IFC Bulletins chapters, 2009, 31, 322-343 (2009) (2009)
12. Liquidity risk, credit risk, and the federal reserve’s responses to the crisis
    Financial Markets and Portfolio Management, 2009, 23, (4), 335-348 View citations (32)
    See also Working Paper Liquidity risk, credit risk, and the Federal Reserve's responses to the crisis, Staff Reports (2009) View citations (25) (2009)
13. Market Sidedness: Insights into Motives for Trade Initiation
    Journal of Finance, 2009, 64, (1), 375-423 View citations (42)
    See also Working Paper Market sidedness: insights into motives for trade initiation, Staff Reports (2007) View citations (1) (2007)
14. The global financial crisis and offshore dollar markets
    Current Issues in Economics and Finance, 2009, 15, (Oct) View citations (11)
15. Time varying consumption covariance and dynamics of the equity premium: Evidence from the G7 countries
    Journal of Empirical Finance, 2009, 16, (4), 613-631 View citations (2)

2006

16. Fifteen Minutes of Fame? The Market Impact of Internet Stock Picks
    The Journal of Business, 2006, 79, (6), 3209-3251 View citations (3)
    See also Working Paper Fifteen minutes of fame? The market impact of internet stock picks, Staff Reports (2003) View citations (2) (2003)

2003

17. Diversification benefits of emerging markets subject to portfolio constraints
    Journal of Empirical Finance, 2003, 10, (1-2), 57-80 View citations (93)

2002

18. A model of broker's trading, with applications to order flow internalization
    Review of Financial Economics, 2002, 11, (1), 19-36 View citations (10)
19. Securities trading and settlement in Europe: Issues and outlook
    Journal of Financial Transformation, 2002, 5, 83-89 View citations (6)
    Also in Current Issues in Economics and Finance, 2002, 8, (Apr) (2002) View citations (1)
20. Should U.S. investors hold foreign stocks?
    Current Issues in Economics and Finance, 2002, 8, (Mar) View citations (1)

2001

21. Liquidity supply and volatility: futures market evidence
    Journal of Futures Markets, 2001, 21, (1), 1-17 View citations (5)

1999

22. Market Liquidity and Trader Welfare in Multiple Dealer Markets: Evidence from Dual Trading Restrictions
    Journal of Financial and Quantitative Analysis, 1999, 34, (1), 57-88 View citations (4)
    See also Working Paper Market liquidity and trader welfare in multiple dealer markets: evidence from dual trading restrictions, Research Paper (1997) View citations (1) (1997)

1998

23. Electronic trading on futures exchanges
    Current Issues in Economics and Finance, 1998, 4, (Jan) View citations (7)
24. Information asymmetry, market segmentation and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares
    Journal of International Financial Markets, Institutions and Money, 1998, 8, (3-4), 325-356 View citations (103)
    See also Working Paper Information asymmetry, market segmentation, and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares, Research Paper (1998) View citations (93) (1998)

1996

25. Securitizing property catastrophe risk
    Current Issues in Economics and Finance, 1996, 2, (Aug) View citations (5)

1995

26. Dual Trading: Winners, Losers, and Market Impact
    Journal of Financial Intermediation, 1995, 4, (1), 77-93 View citations (19)
27. Liquidity and price shocks in futures markets
    Proceedings, 1995, 273-294

1994

28. On the Equivalence of Noise Trader and Hedger Models in Market Microstructure
    Journal of Financial Intermediation, 1994, 3, (2), 204-212 View citations (3)

Chapters

2009

1. Financial innovation and corporate default rates
   A chapter in Proceedings of the IFC Conference on "Measuring financial innovation and its impact", Basel, 26-27 August 2008, 2009, vol. 31, pp 322-343
   See also Journal Article Financial innovation and corporate default rates, Federal Reserve Bank of San Francisco (2009) (2009)

1999

2. Liquidity in U.S. Treasury Spot and Futures Markets
   A chapter in Market Liquidity: Research Findings and Selected Policy Implications, 1999, vol. 11, pp 1-14 View citations (9)