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  • President’s Speech:

    President Mester discusses “Cybersecurity and Financial Stability” in Cleveland. Read more

  • 2019 Small Business Credit Survey Open Now

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  • Courage to Succeed: Women’s Conference 2019

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  • Opportunity Occupations: Joining the Workforce

    New short film from the Fed explores good jobs not requiring a bachelor's degree. Meet Jaime Pearson and learn about her opportunity occupation in Toledo, Ohio. Watch now.

HeadlinesSEE ALL

  • Federal Reserve Bank of Cleveland announces officer promotion

    Jacqueline Dalton has been promoted to vice president of strategy and engagement at the Federal Reserve Bank of Cleveland. Read More

  • Federal Reserve Bank of Cleveland announces officer promotion

    Michael Beedles has been promoted to senior vice president and chief financial officer at the Federal Reserve Bank of Cleveland. Read More

  • The Souk al-Manakh Crash

    Ben R. Craig

    From 1978 to 1981, Kuwait’s two stock markets, one the conservatively regulated “official” market and the other the unregulated Souk al-Manakh, exploded in size, growing to the point where the amount of capital actively traded exceeded that of every other country in the world except the United States and Japan. A year later, the system collapsed in an instant, causing huge real losses to the economy and financial disruption lasting nearly a decade. This Commentary examines the emergence of the Souk, the simple financial innovation that evolved to solve its rapidly increasing need for liquidity and credit, and the herculean efforts to solve the tangled problems resulting from the collapse. Two lessons of Kuwait’s crisis are that it is difficult to separate the banking and unregulated financial sectors and that regulators need detailed data on the transactions being conducted at all financial institutions to give them the understanding of the entire network they must have to maintain financial stability. If Kuwaiti officials had had transaction-by-transaction data on the trades being made in both the regulated and unregulated stock markets, then the Kuwaiti crisis and its aftermath might not have been so severe. Read More


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Upcoming EventsSEE ALL

  • 02.27.20

    Women in Economics Symposium

    The Federal Reserve Bank of Cleveland will hold a Women in Economics Symposium on February 27, 2020, in Cleveland, OH.

  • 02.28.20

    CALL FOR PAPERS: 2020 IJCB Conference

    Submit papers for the 2020 Annual IJCB Research Conference, "Structural changes in the financial system: new theory and evidence," by February 28, 2020.

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