The failure of the Freedman's Savings Bank (FSB), one of the only Black-serving banks in the early post-bellum South …

important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … addresses these questions and discusses how banks and nonbanks helped provide liquidity to the nonfinancial sector during the …

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make … size. Implicit banks' costs and subsidies explain shifting bank balance sheet composition. Together, these forces explain …

banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as … substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … transformed over time rather than as having migrated from banks to NBFIs. These transformations are at least in part a response to …

financial system; instead, it increased. We show that risk was redistributed to banks that were healthier prior to the financial …