2. Anyone you share the following link with will be able to read this content: Sorry, a shareable link is not currently available for this article. This site uses cookies to optimize functionality and give you the best possible experience. [15] applied machine learning to predict fire resistance of composite shallow floor systems accurately. If uninsured deposit withdrawals cause even small fire sales, substantially more banks are at risk. Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? March 15, 2022. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The team tested scenarios for the US banking sector for varying percentages of uninsured depositors flight, starting with 10%, 20%, 30%, etc. Overall, these calculations suggest that recent declines in bank asset values very significantly increased the fragility of the US banking system to uninsured depositor runs. Jiang et al. [16] devised a novel smart smoke control (SSC) system for historic buildings. It ranked 99th percentile in its uninsured deposit / asset ratio. https://doi.org/10.1007/s10694-020-01035-4, Wu X, Park Y, Li A, Huang X, Xiao F, Usmani A (2021) Smart detection of fire source in tunnel based on the numerical database and artificial intelligence. We show that a banks survival depends on the market beliefs about the share of uninsured depositors who will withdraw money following a decline in the market value of bank assets. Erica Jiang | Hoover Institution Fire Technol. A case study of the recently failed Silicon Valley Bank (SVB) is illustrative. Li et al. Her finding is that the current US deposit insurance system is a de-facto subsidy to small banks. Learn more about joining the community of supporters and scholars working together to advance Hoovers mission and values. 2018 IEEE Conference on Decision and Control (CDC), 5910-5915 . This would entail a $10 billion loss to the FDIC insurance fund to cover insured deposits. [Paywall], Research: Relevant Research at the Right Time. AEA Papers and Proceedings 112, 509-515, 2022. APCCAS 2008-2008 IEEE Asia Pacific Conference on Circuits and Systems, 1728-1731, 2008 Fire Technol 23:12. In a way, these papers set the foundation for future works and hence are of interest to academics, practitioners, and officials. 30+ "Erica Jiang" profiles | LinkedIn J Jiang, W Liu, J Cheng, L Yang, H Jiang, D Bai, W Liu. Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. Her recent work studies the distributional effects of the credit supply-side adjustments in response to the rise of shadow banks, digital disruption, and changing regulatory environment. Continuous operation of a hybrid solid-liquid state reconfigurable photonic system without resupply of liquids. E Larsen, J Jiang, C della Monica, H Hassanin, G Atzori, DJ Dijk, JJ van't Hooft, E Benhamou, CA Herreros, J Jiang, B Levett, L Core, Referine bibliografice noi la acest autor, Articole noi referitoare la cercetarea acestui autor, Ovariectomy-induced hyperphagia does not modulate bone mineral density or bone strength in rats, Flaxseed combined with low-dose estrogen therapy preserves bone tissue in ovariectomized rats, Autophagy protein NRBF2 has reduced expression in Alzheimers brains and modulates memory and amyloid-beta homeostasis in mice, Primary progressive aphasia: toward a pathophysiological synthesis, Impaired phonemic discrimination in logopenic variant primary progressive aphasia, Flaxseed does not antagonize the effect of ultra-low-dose estrogen therapy on bone mineral density and biomechanical bone strength in ovariectomized rats, Flaxseed does not enhance the estrogenic effect of low-dose estrogen therapy on markers of uterine health in ovariectomized rats, Processing of degraded speech in brain disorders, Remote versus face-to-face neuropsychological testing for dementia research: a comparative study in people with Alzheimers disease, frontotemporal dementia and healthy older. Fuel 102, 567-573, 2012. Species Abundance and Reaction Off-Rate Regulate Product Formation in Reactions Accelerated Using Isotachophoresis. Erica Jiang | LinkedIn Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Adam Smith Scholar Award 2013-2014 Provosts Gold Scholarship 2011-2015 PROFESSIONAL SERVICES Conference and Program Committee: 2023 Napa/Sonoma Finance Conference, 2023 MFA, SFS Cavalcade North Amer-ica 2022, 2023, WashU Corporate Finance Conference 2022, AFA 2021 Poster Session, USC Macro-Finance Conference 2022, USC Brownbag 2021-2022 . Most of these asset declines were not hedged by banks with use of interest rate derivatives. This would entail a $10 billion loss to the FDIC insurance fund to cover insured deposits. Even if only half of uninsured depositors decide to withdraw, almost 190 banks with assets of $300 billion are at a potential risk of impairment, meaning that the mark-to-market value of their remaining assets after these withdrawals will be insufficient to repay all insured deposits. Work by JIANG, assistant professor of finance and business economics, and colleagues underpins a piece in the FT calling for banks to be more intentional with practices going forward. But the bank was not great at finding lending opportunities, so it bought a number of fixed-income securities right when prices were highest. Erica Jiang's research focuses on financial intermediation, household finance, and financial regulation. Read More . Collectively, the aforenoted contributions provide us with a glimpse of the future of fire engineering. C.Q. Jiang - Google Scholar Changes in proxy indices (2022Q1 to 2023Q1): Fed Funds Rate: 0.08% 4.57%SPDR Portfolio Mortgage-Backed Bond ETF-SPMB: -11%iShares CMBS ETF: -10%10-20 year Treasuries: -25% (iShares ETF pricing)30-year Treasuries: -30% (iShares ETF pricing). The ones marked * may be different from the article in the profile. Assets covered included loans and traded securities, such as MBS, CMBS, ABS, and Treasuries and together comprised 72% of the $24 trillion in US bank assets. Widespread loan forbearanceduring COVIDhas led to fewerdelinquencies than 2008 financial crisis,new research co-authored byUSC Marshall shows. Luohan DiTalks: How being 'cool' made SVB a bad bank, and why we need better data and tools, Luohan DiTalks: SVB reveals regulatory failings in the age of social media bank runs, Local Banks Could Leave Gaps That Are Hard to Fill. "Friending" teens: systematic review of social media in adolescent and young adult health care. This "Cited by" count includes citations to the following articles in Scholar. Professor Erica Jiang is Assistant Professor of Finance and Business Economics at the USC Marshall School of Business. American Economic Review, 107 (1): 169-216. This meant total US banking system assets are ~$2 trillion less than currently reported. Fellows. Die, Dieser Wert bei "Zitiert von" enthlt Zitate der folgenden Artikel in Scholar. Please, On March 13, 2023, just three days after the collapse of Silicon Valley Bank (SVB), Professor. Her recent work studies the distributional effects of the credit supply-side adjustments in response to the rise of shadow banks, digital disruption, and changing regulatory environment. Importantly, technology could help to make such analysis, modeling, and visualization more robust and comprehensive. IEEE transactions on biomedical circuits and systems 5 (2), 147-159, 2011. ". " Add co-authors Co-authors. This "Cited by" count includes citations to the following articles in Scholar. These offered detailed breakdowns of their assets and liabilities. There are 30+ professionals named "Erica Jiang", who use LinkedIn to exchange information, ideas, and opportunities. [Paywall], Work by JIANG, assistant professor of finance and business economics, and co-authors is highlighted in a piece on THE ECONOMIST looking at the systemic flaws in America's banking industry. Note: The paper by Wu et al. This special issue includes 15 original papers and one editorial letter spanning the different dimensions of smart systems at varying scales, including the community, buildings and component systems. Throughout our over one-hundred-year history, our work has directly led to policies that have produced greater freedom, democracy, and opportunity in the United States and the world. Their combined citations are counted only for the first article. . They quickly put together a research note, MONETARY TIGHTENING AND US BANK FRAGILITY IN 2023: MARK-TO-MARKET LOSSES AND UNINSURED DEPOSITOR RUNS? and on March 13 posted it on SSRN, a website consortium that publishes academic research across disciplines. A sensitive colorimetric and ratiometric fluorescent probe for mercury species in aqueous solution and living cells. The research was a natural extension of pre-pandemic research conducted with her co-authors Matvos, Piskorski, and Seru that aimed to give a deeper understanding of the funding structure of the US shadow banking sector compared with the formal banking sector. Fire Technol. The team ran a scenario analysis to give a ballpark estimate of the size of problem. These offered detailed breakdowns of their assets and liabilities. There is a truism that banking is a confidence game, and whether or not a bank is ultimately solvent depends partly on the beliefs and actions of its depositors. This letter presents big ideas for a framework for intelligent fire detection and evacuation system in buildings. We illustrate that uninsured leverage (i.e. Jiang, Erica Xuewei and Matvos, Gregor and Piskorski, Tomasz and Seru, Amit, Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? https://doi.org/10.1007/s10694-020-01055-0, Baek J, Alhindi TJ, Jeong YS, Jeong MK, Seo S, Kang J, Choi J, Chung H (2021) Real-time fire detection algorithm based on support vector machine with dynamic time warping kernel function. Whether or not this is the best cost-benefit solution is an open question. Interesting, bank capital was something Matvos researched in a 2017 paper on financial fragility, which suggested that >18% capital requirement led to more stability. This data and experience would be crucial to the latest research. They felt the previous research gave them the foundation to dive into the assets and liability changes in the banking sector. Since the publication of the paper, the team has received tremendous interest from regulators. The team estimated that SVB saw a -15.7% decline in asset value. ERICA JIANG, assistant professor of finance and business economics, studies financial intermediation, household finance, and financial regulation. [14] created a validated non-immersive virtual reality prototype that can be used for healthcare fire safety training. Add co-authors Co-authors. It has been cited in the Economist, FT, Bloomberg, Washington Post, and so on. Chao Jiang - Google Scholar This site requires JavaScript to run correctly. Ryder et al. 6: 2020: Under-actuated back-stepping: An introduction. Follow. Her recent work studies the distributional effects of the credit supply-side adjustments in response to the rise of shadow banks, digital disruption, and changing regulatory environment. Related to imaging, Choi et al. C Jiang, C Wolverton, J Sofo, LQ Chen, ZK Liu. Q Jiang, A Ramachandran, JG Santiago. We accept unpublished, high quality, and original . IEEE Transactions on Vehicular Technology 70 (5), 4669-4681, 2021. Many argue that small banks play important roles in local economies, and some research support this, as highlighted in a recent WSJ article. Available at SSRN: https://ssrn.com/abstract=4387676, FDIC: Speeches & Testimony - 03/06/2023 - Remarks by FDIC Chairman Martin Gruenberg, Institute of International Bankers, https://www.fdic.gov/news/speeches/2023/spmar0623.html, Koont, N., Santos, T., & Zingales, L. (2023, April 4). [5] was added to a regular issue by mistake. The ones marked * may be different from the article in the profile. . Government relief is provided through private intermediaries, with shadow banks less likely to provide forbearance than traditional banks. Follow. Erica Jiang is an Assistant Professor at USC Marshall. https://doi.org/10.1007/s10694-021-01112-2, Choi HS, Jeon M, Song K, Kang M (2021) Semantic fire segmentation model based on convolutional neural network for outdoor image. Yuan Jiang | PNNL - Pacific Northwest National Laboratory uninsured debt/assets) is key to understanding whether these losses would lead to some banks in the U.S. becoming insolvent,, ASSISTANT PROFESSOR OF FINANCE AND BUSINESS ECONOMICS, It was natural for us to write this research note following the SVB failure March 10, she said. Jie Jiang - Google Scholar Baek et al. Yonker LM, Zan S, Scirica CV, et al. Its assets were primarily funded by uninsured deposits. Erica Xuewei Jiang. Follow. This page was processed by aws-apollo-l200 in. Capital requirements, FDIC assessment rates, as well as other forms of regulation are frequently stricter for large banks. Fire Technol. Erica Jiang is a Global Business Strategy Business Intelligence Lead at Google based in Mountain View, California. A bank may have enough assets to cover its liabilities if everything is held to maturity and if depositors are willing to stay. Plugging the numbers in, the team found an average decline of 10% in asset prices, with the bottom 5th percentile of banks experiencing a decline of around 20%. Work byJIANG, assistant professor of finance and business economics, and co-authors is central to a piece in FORTUNE looking at the very real possibility of further crises in the banking sector. . There is little political appetite for that currently. ORCID [Curriculum vitae] Brief Biography. [17] leveraged data obtained from wireless sensor networks embedded in fire hoses to enable smart firefighting activities. Many argue that small banks play important roles in local economies, and some research support this, as highlighted in a recent WSJ article Local Banks Could Leave Gaps That Are Hard to Fill. Financing Competitors: Shadow Banks' Funding and Mortgage Market Competition, Disparities in consumer credit: The role of loan officers in the FinTech era, Bank competition amid digital disruption: Implications for financial inclusion. Its assets were primarily funded by uninsured deposits. Google Scholar atau Google Cendekia merupakan layanan pencarian karya ilmiah dari berbagai disiplin ilmu dalam skala luas. ERICA JIANG, assistant professor of finance and business economics, studies financial intermediation, household finance, and financial regulation. e***@google.com. Posted: 24 Mar 2023 2018 - 2022 Activities and Societies: International Business Association - 2014 - 2018 Activities and Societies: Field Hockey Courses Business Communications - Business Finance - Intermediate. 3. The ones marked * may be different from the article in the profile. https://doi.org/10.1007/s10694-020-01054-1, Chaudhary RK, Van Coile R, Gernay T (2021) Potential of surrogate modelling for probabilistic fire analysis of structures. Follow. Global Business Strategy Business Intelligence Lead at Google .
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