We examine the moral hazard effects of bank recapitalizations by assessing the impact of the U.S. TARP program on … market discipline exerted by subordinated debt-holders using a sample of 123 bank holding companies over the period 2004 …

entry into retail niches and which, in turn, dampen bank markups. In the second part of the paper, I develop a general … financial sector increases the volatility of real variables and amplifies the business cycle. I interpret this bank …-supply channel as an extension of the credit channel pioneered by Bernanke and Blinder (1988). …

This paper examines whether bank ownership (public versus private, domestic versus foreign) is correlated with bank … lending behavior over the business cycle. The paper finds that state-owned banks may play a useful credit-smoothing role … whether this differential behavior is due to an explicit objective of stabilizing credit or to the presence of lazy public …

framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable … for government money, where the terms of bank deposit contracts are constrained by the liquidity insurance available in … financial markets, where banks are subject to runs, and where a central bank has a meaningful role to play, both in terms of …

After World War II and prior to the financial deregulation of the 1980s, monetary policy in Sweden as well as in other … western European countries rested chiefly on a system of far-reaching non-market-oriented controls of credit flows and … interest rates. How was monetary policy conducted in such an environment of financial repression, where the central bank was …

In this paper, a unique event is studied: the opening of Bank of Canada in 1935, the central bank note issuance … smooth the profits. The effect on lending is either non-significant or ambiguous. This study of central bank cash … implementation can offer lessons for the current debates on a new form of central bank money - central bank digital currencies - and …