present a model that explains the slow recovery of bank capital and economic activity. Banks provide intermediation in markets …

constraint. Our evidence indicates that constrained firms planned deeper cuts in tech spending, employment, and capital spending …

markedly as public and private sectors look inward when external financing becomes prohibitively costly, altogether impossible …, driven importantly by increased "liability" home bias in finance and by official capital outflows. We present evidence from …

We develop a model of the joint capital structure decisions of banks and their borrowers. Strikingly high bank leverage … underlie our structural model, we can quantify the impact capital regulation and other government interventions have on bank … taking by banks, but increased risk taking by firms. Capital regulation lowers bank leverage but can lead to compensating …

suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …

When external capital markets are stressed they may not reallocate resources between firms. We show that resource … allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using … financial sector. We estimate a structural model of internal capital market to separately identify and quantify the forces …

exposures to NBFI and dollar funding, with less priority for regulations focused on residency (i.e., capital controls). After …