, eventually, greater reliance on liquidity support from the European Central Bank …

rewards managers for pursuing risky strategies but fails to exact penalties for decision making that leads to bank failures …

protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not … building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk …

This paper was presented at the Federal Reserve Bank of New York conference on Central Bank Liquidity Tools, February …

We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across … bank access to branching affects the sectoral specialization of output, in a manner that depends on the variance …

We study how the consequences of violations of covenants associated with bank lines of credit to firms vary with the … the heart of a new bank liquidity channel. This channel complements the traditional bank lending channel, which focuses on …

protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not … building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk …

widespread stress, with adverse affects on bank intermediation thereafter. We discuss the bank capital and the bank funding … conclude by discussing the increasing extension of bank credit lines to non-bank financial intermediaries, as well as the role …

We provide evidence consistent with a “credit-line drawdown channel” to explain the large and persistent crash of bank … lending, even after stabilization policies and even if drawdowns were accompanied by deposit inflows. Bank provision of credit … incorporated tractably into bank capital stress tests …