ability. We do so by comparing the ability of bank ratings to predict loan defaults relative to that of public ratings from … that one of the banks has a superior predictive ability relative to the credit bureau. This is evidence that bank credit …, public ratings are also found to have predictive ability for future bank ratings, indicating that risk analysis should be …

more likely to fail because of hold-out problems; in a bank-based system, out-of-court renegotiation stands good chances to … bank-based system. Thus, the paper indentifies a new determinant in the debate over optimal bankruptcy codes, which is how …

bank. We show that, when confronted with a distribu- tional liquidity-shock crisis that causes a large disparity in the … liquidity held among banks, the central bank should lower the interbank rate. This view implies that the traditional tenet …, we show that failure to cut interest rates during a crisis erodes financial stability by increasing the risk of bank runs. …