Privately-produced safe debt is designed so that there is no adverse selection in trade. This is because no agent finds it profitable to produce private information about the debt's backing and all agents know this (i.e., it is information-insensitive). But in some macro states, it becomes...

The equity and debt prices of large nonbank firms contain information about the future state of the banking system. In this sense, banks are informationally central. The amount of this information varies over time and over equity and debt. During a financial crisis banks are, by definition of a...

Online Appendix- Further Robustness Tests- An online appendix to "Over-the-Counter Market Liquidity and Securities Lending".Full Publication: "http://ssrn.com/abstract=3340251" Over-the-Counter Market Liquidity and Securities Lending