This paper makes three points regarding the proper measurement of the output of financial intermediaries. Two of them concern the measurement of nominal financial output, especially banking output. First, we show that, to impute the nominal value of implicitly priced financial output, it is...

Terms, definitions and short essays -- Deposit insurance schemes -- Gramm-Leach-Bailey Act: creating a new bank for a new millennium -- Comparative analysis of zero-coupon and coupon-pre-funded bonds -- Intertemporal risk and currency risk -- Credit derivatives -- international parity conditions...

The Encyclopedia of Finance, Second Edition, comprised of over 1000 individual definitions and chapters, is the most comprehensive and up-to-date resource in the field, integrating the most current terminology, research, theory, and practical applications. Showcasing contributions from an...

We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth in the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...

We study the effects of the liberty bond drives of World War I on financial intermediation in the 1920s and beyond. Using panel data on U.S. counties we find that higher liberty bond subscription rates led to an increase in the number of investment banks, stronger local competition between...

This book aims to explore if and how securitisation changed financial intermediation and lending behaviour by reviewing the pre- and post-financial crisis theoretical and empirical literature. The book’s distinctive feature is bringing the growing post-crisis empirical evidence to the...