which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in …

, materially heighten the risk of financial crises. Both effects have become stronger in the postwar era. …

The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the …

Bank liquidity is a crucial determinant of the severity of banking crises. In this paper, we consider the effect of … fire sales and foreign entry on banks' ex ante choice of liquid asset holdings, and the ex post resolution of crises. In a …, foreign entry reduces this incentive. We exhibit international evidence on foreign entry following crises and on banks' ex …

Fire sales that occur during crises beg the question of why sufficient outside capital does not move in quickly to take …

What can history can tell us about the relationship between the banking system, financial crises, the global economy …