III rules, thus suggesting a 'race to the top' in capital standards. We study regulatory competition when banks are …

competition and stability in banking. There are two basic channels through which competition may increase instability: by … incentives to take risk and raise failure probabilities. The competition-stability trade-off is characterized and the … implications of the analysis for regulation and competition policy are derived. It is found that optimal regulation may depend on …

Academic Council awarded him the prize and title Distinguished CES Fellow for his outstanding work on the monetary theory of …

imposed solvency constraints on banks. However, these constraints may not survive in systems competition, as systems … competition is likely to suffer from the same type of information asymmetry which induced the private market failure and which …

; regulatory competition ; supervision and capital requirements …