a reduction in output volatility, greater fintech entry also leads to greater volatility in bank credit, thereby …

framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable … in government money, where the terms of bank deposit contracts are affected 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 …

caused by nonperforming loans, borrowing constraints, and uncertainty over changes in government guidance in bank lending. In …