The EU bank recovery and resolution directive includes mechanisms for recovery (or “early intervention”) for groups. These are: group recovery plans, intra-group financial assistance and coordination of early intervention measures regarding groups.But do these group provisions ensure a...

While paramount to the modern economy, understanding how the banking system works has been usually cast aside from overall economic education. Even in the aftermath of the recent financial crisis, which has underlined the vital importance of banking in the economy, the workings of the sector...

Part I: A History of Banking -- 1.A brief history of money and credit -- 2.Banking in the 20th Century -- Part II: How Banking Works -- 3.Money and Inflation -- 4.Money and Banking -- 5.Banking and the economy -- 6.Investment Banking -- 7.Banking in Crisis -- 8.Financial Instability -- Part III:...

We quantify the gains from regulating maturity transformation in a model of banks which finance long-term assets with non-tradable debt. Banks choose the amount and maturity of their debt trading off investors' preference for short maturities with the risk of systemic crises. Pecuniary...