. Recent research has used variation induced by these rules to investigate the connection between securitization and lender … moral hazard problem posed by securitization. …

research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed … jump in defaults at the cutoff would imply that securitization led to lax screening. We argue instead that originators … that securitization caused lax screening. We examine loan-level data and find that the evidence is inconsistent with the …

the moral hazard effect of securitization on underwriting. This research design is premised on the assumption that these … cutoff rules are a response by lenders to securitization rules of thumb. We reexamine the evidence and find it is … cutoff rules in underwriting, one cannot use these same cutoff rules to learn about the effect of securitization on …

's interventions during different stages of the crisis in light of this literature. We interpret the Fed's early-stage liquidity … empirical evidence that increases in the Federal Reserve's liquidity supply reduce interest rates during periods of high … liquidity risk. Our analysis has implications for the impact on market prices of a potential withdrawal of liquidity supply by …

Banking system crises are complex events that in a short span of time can inflict extensive damage to banks themselves … can propagate distress contagiously both directly within the banking network itself and indirectly, between the network …

than US ones. Regarding the consequences of systemic risk, we show that dependence between the banking sector and a wide …