As financial markets recover after their crisis, the academic field as well as politics have refocused on drawing the lessons from the crisis and are doing so mainly with regards to a reform in financial regulation and market transparency. In taking this approach, however, one important aspect...

The historical record shows that financial crises are far from being a rare a phenomenon; they occur often enough to be considered part of the workings of finance capitalism. While there is no single hypothesis that can best explain all crises, the implications of the credit boom-and-bust...

The deposit insurance (guarantee) industry used to attract much attention during financial crises. In the economic literature it was a moral hazard to prevail in the research. On the political agenda the level of guarantees has been in focus for a long time. The recent financial crisis proved...

We examine whether connected hedge funds (i.e. those that are prime-brokerage clients of bailout banks) benefited from bailout programs initiated in seven countries during the 2007–2009 financial crisis. We find that being connected to a bailout bank is generally beneficial for hedge funds in...

Following the 2008 financial crisis a major process of regulatory reform of the banking industry took place with the aim of increasing the resilience of the financial system. More specifically, the regulatory changes introduced after the financial crisis were aimed at pursuing three main...

In recent years the possibility of an international financial crisis has increased because of greater liquidity of international financial markets, an increase in corporate indebtedness and the decline of the banking industry. Using an asymmetric information analysis, this paper outlines what...

During the Japanese banking crisis of the 1990s, the Bank of Japan (BoJ) extensively exercised its lender of last resort (LOLR) function. Three main lessons emerge from this experience.Full publication: "http://ssrn.com/abstract=2504682" target="_blank" Re-Thinking the Lender of Last Resort