Skip to:
  1. Main navigation
  2. Main content
  3. Footer
Person

Mark Carey

Senior Economic and Policy Advisor
Areas of Expertise corporate finance, risk management, banking, and financial stability
Department Research
Education
  • BA,
  • Economics,
  • Oberlin College,
  • 1980
  • PhD,
  • Economics,
  • University of California, Berkeley,
  • 1990

Mark Carey is a senior economic and policy advisor in the Research Department of the Federal Reserve Bank of Cleveland. His research interests include business debt markets and corporate finance, risk management (especially credit risk), banking and financial intermediation, and financial stability.

Before joining the Bank in 2021, Dr. Carey was co-president of the GARP Risk Institute and was an Associate Director of the Division of International Finance at the Board of Governors.

He holds a BA in economics from Oberlin College and a PhD in economics from the University of California, Berkeley.

    • “The Bank as Grim Reaper: Debt Composition and Bankruptcy Thresholds.” With Michael Gordy. Journal of Financial Economics, forthcoming.

    • “Revenge of the Steamroller: ABCP as a Window on Risk Choices.” With Carlos Arteta, Ricardo Correa and Jason Kotter. Review of Finance, 2020 (May): 24:3, 497-528.

    • “Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle.” With Greg Nini. Journal of Finance, 2007 (December): 62:6.

    • “A Guide to Choosing Absolute Capital Requirements.” Journal of Banking and Finance, 2002: 26:5, 929-951 (also Federal Reserve IFDP 726).

    • “Parameterizing Credit Risk Models With Rating Data.” With Mark Hrycay. Journal of Banking and Finance, 2001 (January): 25:1, 195-270.

    • "Credit Risk Rating Systems at Large U.S. Banks." With William F. Treacy. Journal of Banking and Finance, 2000: 24:1-2, 167-201.

    • “Credit Risk in Private Debt Portfolios.” Journal of Finance 1998 (August): 53:4, 1363-1387.

    • “Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting.” With Mitch Post and Steven A. Sharpe. Journal of Finance, 1998 (June): 53:3, 845-878.

    • “Partial Market Value Accounting, Bank Capital Volatility, and Bank Risk.” Journal of Banking and Finance, 1995 (June): 19:3/4.

    • “The Economics of Private Placements: A New Look.” With Stephen Prowse, John Rea and Gregory Udell. Financial Instruments, Institutions and Markets, 1993 (August): 2:3.

    • “Market Institutions, Financial Market Risks, and the Financial Crisis.” With Anil Kashyap, Raghuram Rajan, and Rene M Stulz. Journal of Financial Economics, 2012 (June): 104:3.
    • “Implications of the Crisis for Regulation.” with Evanoff, Douglas D., Philipp Hartmann, and George Kaufman, eds. The First Credit Market Turmoil of the 21st Century, New Jersey and Singapore: World Scientific, pp. 311 324, 2009.
    • “The Risks of Financial Institutions.” in Mark Carey and Rene Stulz, eds., The Risks of Financial Institutions (Chicago: University of Chicago Press), 2006.
    • “Some Evidence on the Consistency of Banks’ Internal Credit Ratings.” in Michael Ong, ed., Credit Ratings: Methodologies, Rationale and Default Risk (London: Risk Books), 2002.
    • “Dimensions of Credit Risk and Their Relationship to Economic Capital Requirements.” in Frederic S. Mishkin, ed., Prudential Supervision: Why Is It Important and What Are the Issues (NBER and University of Chicago Press), 2001.
    • “Implementation of Credit Risk Models at Major International Banks.” in A. Sironi and P. Savona, eds., Credit Risk management at Large Italian Banks (Rome, Italy: Bancaria Publications), December 1999.
    • “The Determinants of Corporate Loan Liquidity.” with Vijay Bhasin, condensation in Proceedings of the 35th Annual Conference on Bank Structure and Competition (Chicago: Federal Reserve Bank), May 1999.
    • “Credit Risk Rating at Large U.S. Banks.” Federal Reserve Bulletin, November, 1998 (with William Treacy), 898-917
    • “1986-2002 Credit Risk Loss Experience Study: Private Placement Bonds.” Society of Actuaries, 2006 (with other members of the Society of Actuaries Asset Risk Experience and Private Placement Committees).
      And previous editions published in 1996, 1998, and 2002.
    • “The Changing Role of Life Insurance Companies in the Private Placement Market.” (with S. Prowse, J. Rea, and G. Udell), in Edward I. Altman and Irwin T. Vanderhoof, eds., The Financial Dynamics of the Insurance Industry (New York: Irwin Professional Publishing), 1995, pp. 425 454.
    • “Toxic Waste, Accounting and Regulation.” Proceedings of the 31st Annual Conference on Bank Structure and Competition (Chicago: Federal Reserve Bank), May 1995.
    • “Loan Market Competition Between U.S. and Foreign Banks: Some Facts About Loans and Borrowers.” in Proceedings of the 30th Annual Conference on Bank Structure and Competition, 1994 (with Charles Calomiris).
    • “The Economics of the Private Placement Market.” Staff Study 166, Federal Reserve Board, December 1993 (with Stephen Prowse, John Rea, and Gregory Udell).
    • “Recent Developments in the Market for Privately Placed Debt.” Federal Reserve Bulletin, February 1993 (with Stephen Prowse, John Rea, and Gregory Udell).
    • “The Private Placement Market: Intermediation, Life Insurance Companies, and a Credit Crunch.” Proceedings of the 28th Annual Conference on Bank Structure and Competition, 1992 (with Stephen Prowse, John Rea, and Gregory Udell).