foundation for a funding liquidity channel in a global banking model where exchange rates fluctuate as a function of banks …

more lax lending policies than banks, we unveil important evidence that nonbanks increased bank borrowing following the … lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued … issuance of guidance, possibly to finance their growing leveraged lending. The guidance was effective at reducing banks …

the bank sector is highly procyclical, the leverage of the nonbank financial sector is acyclical. We propose a theory of a … two-agent financial intermediary sector within a dynamic model of the macroeconomy. Banks are financed by issuing risky … financialsector assets. The procyclicality of the banking sector is due to its risk-based funding constraints, which give a central …

. The complex bank holding companies of today are the best example of hybrid intermediaries, but I argue that financial … become significant intermediaries and that turned into bank holding companies post-Lehman are, from an organizational …

The Basel I Accord introduced a discontinuity in required capital for undrawn credit commitments. While banks had to … of bank regulatory capital. Our results show that following Basel I, undrawn fees and all-in-drawn credit spreads on …, both undrawn fees and spreads went up. These results are robust and confirm that banks act to conserve regulatory capital …

This paper studies the question of the economic scale of financial institutions. We show that banks actively smooth …

banks and nonbanks respond differentially to changes in macroeconomic conditions, with bank credit more sensitive to …