Purpose Decentralized finance (DeFi), enabled by blockchain, could bring about a new
financial system, where peers will interact directly, with little or no place for traditional …

This book considers why institutional forms of modern capitalist economies differ
internationally, and proposes a typology of capitalism based on the theory of institutional …

MERGERS AND ACQUISITIONS among very large financial institutions are becoming more
frequent in markets around the world, attracting the attention of policymakers, researchers …

We study the effects of regulatory interventions and capital support (bailouts) on banks'
liquidity creation. We rely on instrumental variables to deal with possible endogeneity …

This paper presents evidence that the traditional banking business of accepting deposits
and making loans has declined significantly in the US in recent years. There has been a …

What is the relationship between the financial system and politics? In a democratic system,
what kind of control should elected governments have over the financial markets? What …

We analyze the role of intermediaries in electronic markets using detailed data of more than
14,000 originated loans on an electronic P2P (peer-to-peer) lending platform. In such an …

The globalization of financial markets and the concomitant restructuring decisions of firms
challenge the historical legacy of national systems of governance. German corporate …

Four years after the introduction of the euro, this paper provides an overview of the current
structure and integration of the euro‐area financial systems and related policy initiatives. We …

Information costs and regulatory barriers distinguish international financial markets from
national ones. Using panel data on bilateral assets and liabilities of commercial banks, I …