macroeconomic and bank regulatory reform. Bank regulatory policy promoted privatization, financial liberalization, and free entry …. Argentina's bank regulatory system now is widely regarded as one of the two or three most successful among emerging market …

Is bank capital structure designed to extract deposit subsidies? We address this question by studying capital structure … shadow banks. Modern shadow bank capital structure choices resemble those of pre-deposit-insurance banks both in the U.S. and … banks finance themselves primarily with short-term debt and originate long-term loans. However, shadow bank debt is provided …

focus of static models on value destruction of deposit outflow and bank run. Our model predictions on bank valuation and … environment, and reveals new aspects of deposit market power that has unique implications on bank franchise value …-capitalized banks. However, unlike productive capital of nonfinancial firms that typically has a positive marginal q, the deposit q can …

that centers on the existence of an increasingly efficient market for bank shares. The stock market was important because …

. Using branch-level deposit rate data, we find little evidence for market discipline as rates are similar across bank …A common view is that deposit rates are determined primarily by supply: depositors require higher deposit rates from … to deposit insurance and/or enhanced capital regulation) and that internal demand for funding by banks determines rates …

' interest rate risk. We argue that this is driven by banks' deposit franchise. Banks incur large operating costs to maintain … their deposit franchise, and in return get substantial market power. Market power allows banks to charge depositors a spread … by paying deposit rates that are low and insensitive to market rates. The deposit franchise therefore works like an …

We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the …-rated tranches were economically trivial for the typical bank, but banks with greater holdings performed more poorly during the …-rated tranches are not higher for banks with large trading books in regressions that control for bank size. The ratio of highly …

accounting for loan portfolios held to maturity. Marked-to-market bank assets have declined by an average of 10% across all the …-- unlike insured depositors, uninsured depositors stand to lose a part of their deposits if the bank fails, potentially giving … them incentives to run. A case study of the recently failed Silicon Valley Bank (SVB) is illustrative. 10 percent of banks …

The deposit business differs at large versus small banks. We provide a parsimonious model and extensive empirical … evidence supporting the idea that much of the variation in deposit-pricing behavior between large and small banks reflects … differences in "preferences and technologies." Large banks offer superior liquidity services but lower deposit rates, and locate …

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium … extent to which they are substitutes, and the amount of liquidity per unit delivered by each asset. Treasury bonds and bank …. Our results on the imperfect substitutability of bank and shadow-bank money also inform analyses of the coexistence of the …