This paper analyzes the causes and consequences of offshore financial centers (OFCs). Since OFCs are likely to be tax havens and money launderers, they encourage bad behavior in source countries. Nevertheless, OFCs may also have unintended positive consequences for their neighbors, since they...

In 1986, a task force of banking academics organized and sponsored by the American Bankers Association convened to examine the banking industry and the efficacy of its regulatory system. The group was charged with reviewing the problems of ensuring the safety and soundness of the banking system...

Presentation to the California Bankers Association, 121st Annual Convention, Dana Point, CA, May 4, 2012

Presentation to the Western Independent Bankers Association Annual Conference, Kauai, Hawaii, March 14, 2005

Welcoming Remarks to the Symposium on Asian Banking and Finance, Federal Reserve Bank of Sanfrancisco, September 9, 2011

Presentation to The Institute of Regulation & Risk, North Asia, Hong Kong, November 17, 2009

Bank supervisors in the United States conduct comprehensive on-site inspections of bank holding companies (BHCs) and assign them a supervisory rating meant to summarize their overall condition. We develop an empirical forecasting model of these ratings that combines supervisory and securities...