One of the key features of regulatory-supervisory reform thinking post 2006-2007 Global Financial (nee US Subprime Mortgage) Crisis is emergence and popularisation of the ‘systemic' theme. In a similar vein, talks of ‘too interconnected to fail' superseding ‘too big to fail' widely...

This theoretical model analyzes the impact of interbank credit market dynamics on the resilience of the financial system. Based on a stochastic model of interbank market credit flows, lending in the interbank market is restricted by the availability of liquidity. Following a shock...

We provide new evidence that disruptions in firm's access to credit during the recent financial crisis had significant effects on product innovation in the consumer-goods sector. We combine highly granular retail-scan data with lending data from the Community Reinvestment Act and Dealscan and we...

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government...

This paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy and firms use non-bank finance, including trade credits...