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of banking sector concentration. Using a local projections framework with 2003-2023 country-level and bank-level data for …
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-of-second-to-last-resort". Using daily supervisory bank balance sheet information, we find that U.S. GSIBs modestly increase their dollar liquidity … broker-dealer subsidiaries within the same bank holding company are crucial to this type of "reserve-draining" intermediation …
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