quantitative decomposition behind the collapse in bank lending during the 2008 financial crisis. Our analysis underscores the …

In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit … firms from bank liquidity shocks …

Operating in individual cities, U.S. clearinghouses were the closest thing to a central bank before 1914, but they only … assisted banks that chose to join the association. Using an annual bank-level database for seven states between 1880 and 1910 …

system worse off. By contrast, constrained central bank intervention to lower rates maintains private discipline, while …

-funded capital injections. However, on closer inspection the composition of bank capital shifted radically from one based on common …

process of interstate bank deregulation that lowered barriers to competition across U.S. states over the 1980s and 1990s with … facing each individual bank. We find that regulatory-induced competition reduced liquidity creation. Consistent with some …

their investors. We show the bank has to have a fragile capital structure, subject to bank runs, in order to perform these … functions. Far from being an aberration to be regulated away, the funding of illiquid loans by a bank with volatile demand … such as narrow banking and bank capital requirements …

market substitutes for bank liabilities do not escape from the cost of reserves since their issuers lean on banks to provide …, including non-bank intermediaries, reserves cannot represent a tax on the banking system alone …