This paper examines the impact of the COVID-19 pandemic on the liquidity of Chinese stock
market, while accounting for heterogeneity and transmission channels. The analysis …

In the world of finance, the most precious commodity is information. The great banking
dynasties of the Renaissance and Industrial Revolution-the Houses of Fugger and Medici …

Why do banks fail? We create a panel covering most commercial banks from 1865 through
2023 to study the history of failing banks in the United States. Failing banks are …

For much of American history, money was a site of social and political struggle-terrain on
which Americans fought over the distribution of wealth, structure of economic activity, and …

Excessively easy bank credit–visible in unusually small credit risk spreads and rapid loan
growth–is often posited as a root cause of unsustainable asset price booms. This paper …

Abstract “Central banking” is what a central bank does, but the definition of “central bank” is
less straightforward than it may appear at first sight. Following Ugolini (The evolution of …

Financial network structure is an important determinant of systemic risk. This article
examines how the US interbank network evolved over a long and important period that …

We study the effects of the first-ever ratings for corporate securities. In 1909, John Moody
published a book that partitioned the majority of listed railroad bonds into letter-graded …

We assess systemic risk in the US banking system before and after the Panic of 1873, using
a combination of linear programming and computational optimization to estimate the …

We review developments in the history of money, banking, and financial intermediation over
the last twenty years. We focus on studies of financial development, including the role of …