This paper surveys the recent literature on the relationship between SMEs, financial
deepening and economic development. While a large SME sector is not associated with …

Financial crises impose large and persistent social costs, making banking stability important.
This article reviews the central issues surrounding the role bank capital plays in financial …

This paper discusses empirical approaches macroeconomists use to answer questions like:
What does monetary policy do? How large are the effects of fiscal stimulus? What caused …

Lending cuts by banks directly affect the firms borrowing from them, but also indirectly
depress economic activity in the regions in which they operate. This paper moves beyond …

This paper responds to the need for a deeper empirical investigation of the impact of
corporate social responsibility pillars on the financial performance of banks. To address this …

Economists both failed to predict the global financial crisis and underestimated its
consequences for the broader economy. Focusing on the second of these failures, this …

This paper empirically examines how capital affects a bank's performance (survival and
market share) and how this effect varies across banking crises, market crises, and normal …

We study the credit supply effects of the unexpected freeze of the European interbank
market, using exhaustive Portuguese loan-level data. We find that banks that rely more on …

This paper conducts the first empirical assessment of theories concerning risk taking by
banks, their ownership structures, and national bank regulations. We focus on conflicts …

We examine the impact of liquidity shocks by exploiting cross-bank liquidity variation
induced by unanticipated nuclear tests in Pakistan. We show that for the same firm …