An indepth look at the origins and development of the current financial crisis, from an economist and Washington insider. Jarsulic explains how a wide array of financial institutions, including mortgage banks, commercial banks, and investment banks created a credit bubble that supported nonprime...

Die globale Finanz- und Wirtschaftskrise nahm in den USA ihren Anfang und stürzte in ihrer Folge nicht nur die Vereinigten Staaten, sondern auch das ohnehin verschuldete Europa in eine Wirtschaftskrise gigantischen Ausmasses. Acht Millionen Jobs gingen allein in den USA zwischen 2007 und 2009...

This paper introduces a theoretical liquidity risk model to explain how the fire-sale price happens by banks' portfolio composition and the liquidity shocks. The model illustrates that the derivatives can serves as Arrow-Debreu securities for banks to share and eliminate the liquidity risks. The...

The removal of geographic restrictions on banking activities can provide credit to a larger population. Economic hardships, however, can force some of the borrowers to default on their loans and file for bankruptcy to overcome financial distress. Using data aggregated at the US county-level, we...

Switching costs are a recognised issue in banking markets around the world, but in many countries, including New Zealand, regulators give them limited attention. This paper confirms the existence and relative importance of switching costs in the New Zealand banking market. We find seven...

This study provides insight into the costs of cash, debit card and credit card payments made at the point of sale in Canada in 2014. For each payment method, it examines the total resource costs, which capture the overall use of resources by society as a whole. Using extensive survey data from...