Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires … that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value …-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance …

issuance of common stock was negative due to repurchases. We assume that, in the absence of capital requirements, a bank has an … optimal capital structure that depends on its business model. Capital requirements can impose constraints on bank decisions …. If a bank's optimal capital structure also meets regulatory capital requirements with a sufficient buffer, the bank is …

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

temporary increase in the government protection of non-deposit liabilities and bank assets. In most cases, these guarantees have …

We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …