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The Federal Reserve's contingency financing plan for the century date change

Evangeline Sophia Drossos and R. Spence Hilton

Current Issues in Economics and Finance, 2000, vol. 6, issue Dec

Abstract: With the approach of the new millennium last year, many market participants resolved to limit their exposure to Y2K-related risks by cutting back normal trading activities. The Federal Reserve foresaw that the widespread adoption of such a strategy could lead to serious liquidity problems in key financing markets. Consequently, the Fed undertook to create a Standby Financing Facility that would provide securities dealers with a form of backup funding and ease market anxieties about year-end credit conditions.

Keywords: Year 2000 date conversion (Computer systems); Monetary policy - United States; Liquidity (Economics); Stock market; Securities (search for similar items in EconPapers)
Date: 2000
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