to individual banks in the Merton tradition (1974) as a combination put option for the deep tail of bank losses and a … knock-in stop-loss call on bank assets. This model expresses the value of taxpayer loss exposure from a string of defaults … the face value of the debt of the entire sector. We conceive of an individual bank's systemic risk as its contribution to …

crises. The coverage of banking topics include the changing nature of intra and inter-bank markets, bank lending behavior … critical analyses and commentaries on the possible role of bank lending in triggering international crises, value creation in …

bank supervision and eventually produce banking crisis. For political reasons, most countries establish a regulatory … culture that embraces three economically contradictory elements: politically directed subsidies to selected bank borrowers …