Financial intermediaries and markets can alleviate market frictions through producing information and risk sharing in different ways. In practice, the structure of financial systems can be bank-based or market-based, varying across countries. The influence of financial structure on economic...

Government intervention during the banking holiday of March 1933 resolved the uncertainty usually created by bank suspensions. Including banking holiday suspensions in growth regressions therefore biases downwards the estimates of the real effects of bank suspensions. In this paper, I propose a...

This paper evaluates the effect of Chinese monetary policy shocks on credit creation through the shadow banking sector in mainland China. I identify monetary policy shocks by constructing a measure of monetary policy surprises based on changes to the 1-Year Interest Rate Swaps on the 7-Day Repo...

The history of regulation in America is as old as the republic itself. Since colonial times, Americans have struggled with the conflict between the desire for individual freedom and economic growth, and the need for rules and structure in a civil society. The evolution of the United States from...

In the 2000s, after the introduction of inflation targeting, most monetary transmission channels were weak in Hungary, making monetary policy less effective. Inflation expectations were unanchored and fiscal policy was unsustainable. Households and the government built up high debt levels mainly...