We analyze link between mortgage-related regulatory penalties levied on banks and the level of systemic risk in the U …

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 …

experiences in other areas suggesting that competition could provide large benefits to hitherto regulated utilities in local …

sector s output rise as competition between private firms for the best motivated workers leads to higher wage cost than under …

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption …

, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan …

course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have …