Europe, Latin America, Asia, and Africa. Why do such crises recur? What is it about the accumulation of bank debt that ….S. banking history, from pre-U.S. Civil War private bank notes issued during the U.S. Free Banking Era (1837-1863), followed by … the U.S. National Banking Era (1863-1914) before there was a central bank, through loan sales, securitization, and the …

The role of bank capital as a propagation channel of shocks is strongly pronounced in recent macroeconomic models. In … this paper, we show how the evolution of bank capital depends on the share of non-state-contingent assets in banks’ balance …