secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral may amplify the … crisis ; Interbank market ; Liquidity ; Credit risk ; Collateral …We study the functioning of secured and unsecured interbank markets in the presence of credit risk. The model generates …

, and near-frictionless refinancing opportunities - led to vastly increased systemic risk in the financial system …

We examine the impact of the U.S. withdrawal from the Paris Agreement on the relationship between climate risk and … systemic risk of U.S. global banks. We find that after 2017, investors stopped pricing climate risk into U.S. systemic risk … directly, consistent with domestic investors expecting climate risk deregulation. However, climate risk still indirectly …

We study how low interest rates in the United States affect risk taking in the market for cross-border corporate loans …. Because banks tend to originate these loans with intent to sell to nonbank investors, we examine risk taking by the broad … of cross-border spillover effects of U.S. monetary policy and highlights the global lending and risk-taking channels. We …