Following the 2001 financial crisis, the government of Argentina instituted economic policies to soften the adverse impact of the crisis on the economy. In this paper, we use loan-level data to empirically assess the impact of the currency devaluation and the economic response policies on...

We develop a theoretical model that predicts that credit unions will offer relatively less risky loans (e.g., fewer “subprime” mortgages) compared to similar commercial banks due to credit unions' focus on member utility as nonprofit financial cooperatives. The model also predicts that banks...

The liquidity strains that contributed to the meltdown of the mortgage market in the Global Financial Crisis (GFC) re-emerged in the Coronavirus 2019 (COVID-19) Crisis. Some of these strains were acute. For example, the dependence of mortgage real estate investment trusts (REITs) on short-term...

This Article builds on existing criticism of securitizing subprime loans and argues that one of the primary causes of the subprime meltdown and the resulting economic collapse was the structure of securitization as applied to subprime and other non-prime residential loans, along with the...

We study investors' reaction to dividend decreases and omissions in the US banking industry during the Great Recession of 2007 and 2008 and compare it to the reaction in the years before and after the crisis. Conducting standard event study approach, we find that investors didn't react...