banks can extract market power rents. We show that more bank competition results in lower economy-wide risk, lower bank … allocation and optimal levels of bank risk and capitalization. These results are at variance with those obtained by a large … systemic risk in the economy. …

risk, even if banks fully internalize the costs of negative outcomes. In this way, banks can reduce the surplus they have … unambiguously lead to reduced risk-taking by their top traders. …

model with heterogeneous entrepreneurs, imperfect credit markets and the risk of theft to account for this empirical pattern … transaction costs. The interaction between risk of theft and limited access to trade credit generates demand for mobile money as a … entrepreneurial performance and macroeconomic development, wefind that the availability of the mobile money technology increases the …

credit risk (measured either ex-ante or ex-post), suggesting ratings contain useful information for investors. However, we … also find evidence of significant time-variation in risk-adjusted credit ratings, including a progressive decline in … underperformance (high mortgage defaults and losses, and large rating downgrades) amongst deals with observably higher-risk mortgages …