Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non-bank … provides policy-relevant lessons. International spillovers of monetary policy and risk sentiment through global liquidity … regulatory agendas related to non-bank financial institutions …

We consider bank panic models in which, depending on the configuration of fundamentals, there can be a positive … probability of a bank panic. A crucial assumption in these models is that new equity cannot enter in a panic. We quantify the … restriction on bank leverage. We compute the Ramsey-optimal leverage restriction but find that there is an implementation problem …

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 …

scale from pre-existing credit lines and loan commitments in anticipation of cash flow disruptions from the economic …-shock bank capital, explain why banks were able to accommodate these liquidity demands …

instruments to study international spillovers of prudential policy changes and their effects on bank lending growth. The … bank lending. Second, international spillovers vary across prudential instruments and are heterogeneous across banks. Bank …-specific factors like balance sheet conditions and business models drive the amplitude and direction of spillovers to lending growth …

affects bank lending depends on whether the banks are drawing on official-sector liquidity facilities. Third, liquidity …

are usually preceded by credit booms. Second, credit booms often do not result in a crisis. That is, there are "good …

in credit markets and the buildup of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and …