Much concern has recently been expressed that both large, procyclical changes in bank assets and "credit crunches" caused by bank reluctance to expand loans during recessions contribute to economic instability. These effects are difficult to explain using the standard textbook model of deposit...

The causes of the financial crisis of 2007-09 are many and varied. Indeed, the crisis may be viewed as the product of a perfect storm. This paper identifies the major culprits or sinners of the U.S. crisis and enumerates their more important sins. The culprits include central bankers, commercial...

This paper presents issues arising from the enactment of legislation that changes the priority ordering of claims by uninsured depositors and the FDIC in the resolution of costly failed insured banks and thrifts. Under the legislation, uninsured domestic depositors and the FDIC receive...

Special addresses -- Shared responsibility for the regulation of international banks / Daniel K. Tarullo -- Post-crisis risks and bank equity capital / Thomas M. Hoenig -- Reputational risks and large international banks / Ingo Walter -- The cross-border banking landscape -- Cross-border banking...

This book isa collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally, including an in-depth look at topics such as universal access, cost recovery, and payment services; the...