-of-second-to-last-resort". Using daily supervisory bank balance sheet information, we find that U.S. GSIBs modestly increase their dollar liquidity … broker-dealer subsidiaries within the same bank holding company are crucial to this type of "reserve-draining" intermediation …

The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or … asset class can have a sizable impact on the stability of institutions and markets around the world. But systemic risk … closing data gaps include the G20 Data Gaps Initiative, which recommends the collection of consistent bank-level data for …

a fundamental link between efficient bank resolution and the operational structures and risks of global banks …

globalization along three dimensions: depth, breadth and persistence. We examine depth by studying whether a bank's preference for … domestic, as opposed to external, lending (funding) changes when it is subjected to a large public intervention, such as bank … country or nationalized banks from different countries, consistent with an impact on the breadth of globalization. Third, we …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

to individual banks in the Merton tradition (1974) as a combination put option for the deep tail of bank losses and a … knock-in stop-loss call on bank assets. This model expresses the value of taxpayer loss exposure from a string of defaults … the face value of the debt of the entire sector. We conceive of an individual bank's systemic risk as its contribution to …

government spending can bolster support for globalization by reducing the risk associated with it in the minds of voters …